Alibaba Group and Mail.ru Group today announced the two designated co-CEOs for the AliExpress Russia joint venture (JV) between, Alibaba Group (NYSE: BABA), a global digital commerce company, PJSC “MegaFon” (MoEx: MFON), a pan-Russian operator of digital opportunities, Mail.ru Group (MAIL.LI), the leading internet and IT company in Russia and Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund. Alibaba Group nominates current AliExpress Russia Head Liu Wei while Mail.ru Group nominates Dmitry Sergeev, current First Deputy Chief Executive Officer of Mail.ru Group. The co-CEOs will take up their roles once necessary approvals have been received and all transactions for the JV have been completed.
Daniel Zhang, CEO of Alibaba Group commented: “Liu Wei brings with him many years in leadership positions in e-commerce in both China and Russia, making him uniquely qualified as co-CEO of the AliExpress Russia JV. He was instrumental in building the AliExpress consumer brand in Russia to become the leading e-commerce platform in the country today, and his deep knowledge of the Russian e-commerce market will be key to build the future infrastructure of commerce in Russia and the CIS.”
Boris Dobrodeev, CEO of Mail.ru Group, commented: “I am pleased to announce that Mail.ru Group has nominated Dmitry Sergeev as one of the co-CEOs for the AliExpress Russia JV. With his extensive background and expertise in social media and e-commerce, he is an excellent choice for this position and will ensure that the AliExpress Russia JV will be at the forefront of innovation in digital and e-commerce in the market.”
Liu Wei, designated co-CEO of the AliExpress Russia JV commented: “I’m incredibly excited to take up my role as co-CEO of AliExpress Russia in due course and, together with our partners, drive the creation of an unmatched value proposition for merchants, consumers and internet users across Russia and the CIS. I look forward to working in close partnership with my nominated co-CEO and develop and advance the digital consumer economy of Russia and CIS.”
Dmitry Sergeev, designated co-CEO of the AliExpress Russia JV commented: “I am looking forward to my future role in the AliExpress Russia JV and working together with Liu Wei and the whole team to build a market-leading company in both cross-border and domestic e-commerce.”
The AliExpress Russia JV will be majority owned by Russian shareholders, overseen by a Board of Directors with representation from RDIF, Alibaba, MegaFon and Mail.ru Group, and managed by two the co-CEOs. As announced on June 5, 2019, the JV has received approval from the Federal Antimonopoly Service (FAS) in Russia to integrate Russia’s key consumer internet and e-commerce platforms and launch a leading social commerce joint venture in Russia and the CIS, which will operate in compliance with local data protection regulations.