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Alibaba Pictures appoints new chief executive

Alibaba Group Holding Ltd.'s film studio Alibaba Pictures Group Ltd. has chosen Fan Luyuan to be its CEO, according to The Hollywood Reporter.

Fan has held the role of executive director and has been a member of Alibaba Pictures' executive committee. He is reported to have been part of the company's recent key strategic decisions, according to the Aug. 2 report. He was also responsible for founding Alibaba's mobile ticketing service Tao Piao Piao.

Fan replaces Yu Yongfu, who was appointed CEO of the company as a result of a restructuring in 2016. Yu will remain chairman of Alibaba's Digital Media & Entertainment Group, the parent company of Alibaba Pictures.