Alibaba Reshuffles Lazada's Leadership For Growth: Bloomberg

Alibaba Group Holding Ltd's BABA Lazada Group created a new role to lead payments in Southeast Asia, Bloomberg reports.
Dayong Zhang, former Southeast Asia GM for Ant Group Co's Alipay, will lead Lazada's payments business.
Lazada's Singapore CEO James Chang will become the group's Chief Business Officer. Lazada Group CEO's office head Wee Lee Loh will replace Chang as the Singapore chief.
Lazada aims to compete with aggressive payment products positioning by Southeast Asian internet rivals like Grab Holdings Inc and Sea Ltd.
Lazada has been investing in technology and focusing on localization to cater to different consumer tastes across Indonesia, Malaysia, Singapore, Thailand, the Philippines, and Vietnam.
Lazada recorded more than 90% order growth during the June quarter and has about 150 million monthly average users.
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Price Action: BABA shares traded higher by 1.39% at $158.43 in the premarket session on the last check Friday.