Alibaba to invest additional $2 billion in Lazada, replaces CEO

BEIJING (Reuters) - Alibaba Group Holding Ltd said it will invest an additional $2 billion in Southeast Asian e-commerce firm Lazada Group as part of the Chinese firm’s push into new markets.

Following the investment, Lucy Peng, who currently serves as Lazada Group chairwoman, will take over the role of chief executive officer, replacing founder Max Bittner, who will become a senior advisor to Alibaba.

Alibaba has previously invested $2 billion in the Singapore-based firm, bringing its total investment to $4 billion.