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Edition: U.S. Article Comments (0) Follow Reuters Analyst Research Report Title Price HONG KONG SAR - PUBLIC SERVICES COMPANIES - Graham & Whiteside listing Provider: Graham & Whiteside Limited $440.0 Buy AlibabaCom Ltd: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis. Provider: Reuters Investment Profile $10.0 Buy Alibaba.com Limited Provider: Datamonitor $125.0 Buy Wright Investors Service Comprehensive Report for Alibaba.Com Limited Provider: Wright Reports $75.0 Buy Wright Investors Service Core Report for Alibaba.Com Limited Provider: Wright Reports $23.0 Buy NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here. Alibaba.com CEO resigns after jump in fraudulent sales Tweet Share this Link this By Kelvin Soh HONG KONG (Reuters) - Alibaba.com has replaced its chief executive and chief operating officer after a noticeable increase in fraudulent transactions at the Chinese e-commerce firm's website. CEO David Wei Zhe and Chief Operating... Email Print Related News BATS buying Chi-X Europe, challenge national rivals Fri, Feb 18 2011 Global stocks hit fresh highs, caution grows Fri, Feb 18 2011 UPDATE 9-Apple's Steve Jobs at tech CEO meeting with Obama Fri, Feb 18 2011 Deutsche Boerse unveils NYSE mega-exchange deal Tue, Feb 15 2011 WRAPUP 11-Deutsche Boerse unveils NYSE mega-exchange deal Tue, Feb 15 2011 Analysis & Opinion Two very different inflation problems Microfinance must move beyond loans to savings Related Topics Technology » Media » Stocks David Wei, CEO of Alibaba.com, poses for a photograph in San Francisco, California August 24, 2010. Credit: Reuters/Robert Galbraith By Kelvin Soh HONG KONG | Mon Feb 21, 2011 9:19am EST HONG KONG (Reuters) - Alibaba.com has replaced its chief executive and chief operating officer after a noticeable increase in fraudulent transactions at the Chinese e-commerce firm's website. CEO David Wei Zhe and Chief Operating Officer Lee Shi-huei Elvis have resigned, Alibaba.com said in a statement on Monday. The company said that Lee and Wei were not personally involved in any of the claims and that they had made good faith efforts to address the problem, but were resigning to take responsibility for a "systemic breakdown." Both Wei and Lee were unavailable for comment. Jonathan Lu Zhaoxi, currently chief executive of the unlisted online retailer Taobao, will become the new CEO. Alibaba.com operates a business model similar to eBay, providing a platform for online clients to sell to each other, though Alibaba.com's focus is in business-to-business transactions. Alibaba.com, a unit of Alibaba Group, which is 40 percent owned by Yahoo, said in the statement there were 1,219 fraud cases in 2009 and 1,107 in 2010, with the average value per less than $1,200. Alibaba.com spokeswoman Linda Kozlowski declined to comment on the total amount involved, but said that the company had paid out $1.7 million from its Fair Play fund to 2,249 customers. Alibaba.com competes with Global Sources in China's 1.5 billion yuan ($220 million) business-to-business (B2B) marketplace. The announcement of the management changes came after the Hong Kong stock market closed. Alibaba's shares, which have risen 20 percent this year, ended 3.47 percent lower, lagging the main Hang Seng index's 0.47 percent fall. "There should be a smooth transition here," said CLSA analyst Elinor Leung. "David Wei himself became CEO only when the company was listed, so I don't think there will be any major dramas because of the change." Alibaba is run by the charismatic former English teacher Jack Ma, famous for stopping the sale of shark fin products in 2009 because of his stated distaste for the controversial food. He said an internal investigation had picked up a spike in the number of fraudulent transactions conducted on its site by so-called China Gold Suppliers, a network of high-volume members. "Members of our company's senior management knew of a noticeable increase of fraud claims by global players against China Gold Supplier customers on the international marketplace that began in late 2009," Ma said in the statement. (Additional reporting by Charlie Zhu and Huang Yuntao; Editing by Lee Chyen Yee and Jane Merriman) Technology Media Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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