Alibaba Pictures appoints new CEO

Alibaba Pictures Group has appointed Luyuan Fan as its CEO and chairman of the company’s executive committee, replacing Yongfu Yu.

Joining Alibaba in 2007, Fan previously held several posts at Alibaba Group’s digital payment platform, Alipay, most recently senior vice president. He was also president of Alipay Business Unit and the Wealth Management Business Unit at Alibaba’s Ant Financial Services Group.

Fan has been involved in the running of APG, since its inception, as an executive director and a member of the executive committee. He is also the founder of Alibaba’s cinema ticketing platform, Tao Piao Piao.

Fan will report to Yu, who still retains four other job titles at APG, including executive chairman and executive director.