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Alibaba replaces top executives

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Hangzhou, China—Alibaba Group's Alibaba.com, a b-to-b company that links b-to-b buyers with suppliers in Asia, said Monday that David Wei has resigned as CEO-executive director. Wei left the company in conjunction with an internal investigation of fraud claims against companies listed as “China Gold” suppliers on Alibaba.com.

Jonathan Lu, CEO of Alibaba Group's Tao Bao Holding, succeeds to Wei's duties as CEO. Elvis Lee, COO of Alibaba.com, also resigned in conjunction with the investigation, which found a rise in fraud claims against suppliers listed on Alibaba.com.

Alibaba.com said it has terminated the storefronts of more than 2,000 China Gold suppliers that were determined to have committed fraud against Alibaba.com buyers. Alibaba.com said these suppliers represented about 1% of suppliers registered as China Gold suppliers in 2009 and 2010.

In a press release, Alibaba.com called the incidents a “systemic breakdown in our company's culture of integrity.”

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