Alibaba Puts New Leader in Charge of Freshippo With IPO in Limbo

Alibaba Group Holding Ltd. appointed a new head of its grocery arm Freshippo in the latest step of a wide-ranging restructuring.

Chief Financial Officer Yan Xiaolei will replace founder Hou Yi as chief executive officer of Freshippo, according to a person familiar with the matter. Hou will retire but serve as a senior adviser to the company, the person said, asking not to be named discussing private plans.