July 2, 2012 / 1:03 PM / 5 years ago

UPDATE 1-Youku names new CFO

* Says CFO Dele Liu to become president

* Names Michael Xu as CFO

July 2 (Reuters) - Chinese online video company Youku Inc named Michael Xu as its chief financial officer, replacing Dele Liu, who will become president.

Xu, 42, who joined the company in September as senior vice-president of finance, had earlier worked at Lenovo , Alibaba Group and Cisco Systems.

Liu, 43, whose appointment is effective July 1, will focus on business operations and development of the company.

Youku's shares closed at $21.68 on Friday on the New York Stock Exchange.

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