China e-commerce firm Alibaba says appoints new CEO

China's largest e-commerce company Alibaba.com Ltd said on Monday that it has appointed Jonathan Lu Zhaoxi as chief executive, replacing David Wei Zhe.

In a statement filed to the Hong Kong stock exchange, Alibaba said the new appointment followed the resignation of Wei amid an internal investigation into a noticeable increase of fraud claims by global buyers against China Gold Supplier customers on the international marketplace that began in late 2009 and persisted through much of 2010.