A new chief financial officer would be appointed by the company.
Increased competition, a slowing economy, and a regulatory crackdown are some of the factors that are affecting the company.
In order to become more flexible and accelerate growth, the company will form two new units to house its main e- commerce businesses.
The international digital commerce unit will house the overseas consumer-facing and wholesale businesses of the company. Jiang Fan was the president of the Tmall.com and Taobao marketplaces.
The China digital commerce unit will be led by a founding member of the company, it said.
Toby Xu will become the company's chief financial officer from April, as part of the company's leadership succession plan, it said.
The deputy CFO was appointed in July of 2019.
As an executive director on the board, he will continue to lead three company public listings as CFO.
The e-commerce giant's Hong Kong-listed shares fell 8% in early morning trading. Concerns about stricter regulatory scrutiny at home led to a decline in the shares of Chinese firms listed in the US.
Last month the company slashed its forecast for annual revenue growth to its slowest pace since its stock market debut and saw sales at its banner event, online shopping festival Singles Day, grow at their slowest rate ever.
