Alibaba executives step down

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. Chief executive David Wei Zhe and Lee Shi-huei Elvis have resigned. The company said that Lee and Wei were not involved in any of the claims, and had made good faith efforts to address the problem, but were resigning to take responsibility for a “systemic breakdown.”