Alibaba Group Holdings named on Wednesday Yu Yongfu president of Alimama, which is the Chinese e-commerce giant's online marketing unit. Yu, who joined Alibaba in June 2014 when the company bought the mobile browser company UCWeb, had been running Alibaba's mobile business unit, which included the Autonavi and UCWeb units. Yu will report directly to Chief Operating Officer Daniel Zhang. "This new mobile Internet era will usher in more opportunities for Alimama and Yongfu's deep experience in both mobile sector and digital media area will help further Alimama's growth," Zhang said in a statement. Alibaba's stock, which slipped 0.3% in premarket trade, has lost 20% year to date, while the S&P 500 has gained 0.4%.
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