Alibaba Group Holding said Toby Xu, will succeed Maggie Wu as the company's chief financial officer from April, a move it described as part of the company's leadership succession plan.

Xu joined Alibaba from PWC three years ago and was appointed deputy chief financial officer in July 2019, Alibaba said.

Wu, who helped lead three Alibaba-related company public listings as CFO, will continue to serve as an executive director on Alibaba's board, the company said.

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"We are focused on the long-term, and succession within our management team on every occasion is always in the service of ensuring Alibaba will be stronger and better positioned for the future," Alibaba Chairman and CEO Daniel Zhang said in the statement.