A Scandal Tarnishes One of Alibaba’s Brightest Stars

Alibaba (NYSE: BABA) recently demoted its e-commerce chief Jiang Fan from a senior vice president to a vice president, took back his bonuses from last year, and removed him from a group of 38 "partners" who nominate the company's board members.

Jiang, who was once considered a potential successor to CEO Daniel Zhang, was reportedly disciplined for an alleged affair with social media influencer Zhang Dayi. Zhang is also the chief marketing officer of Ruhnn Holding (NASDAQ: RUHN), an Alibaba-backed company that taps social influencers to sell products online.

Image source: Alibaba.

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Source Fool.com