Alibaba announces new CEO and chairman of the board
- June 20, 2023
- 0
Chinese Alibaba Group announced a major management change aimed at boosting the growth of the e-commerce giant at a time when the Chinese economy is slowing despite restrictions
Chinese Alibaba Group announced a major management change aimed at boosting the growth of the e-commerce giant at a time when the Chinese economy is slowing despite restrictions being lifted six months ago due to the COVID-19 pandemic.
The company said on Tuesday that Eddie Wu, head of the e-commerce group, will replace Daniel Zhang as CEO. Zhang will become the CEO and head of Alibaba’s cloud computing unit, which has been approved to leave and is expected to go on sale later this year.
Joseph Tsai, current vice president of Alibaba, will replace Zhang as president of Alibaba Group. Owner of the Brooklyn Nets in the NBA, Tsai is a Taiwanese-born Canadian citizen who helped found Alibaba in the late 1990s.
The changes will take effect on September 10.
Zhang became CEO of Alibaba Group in 2015, succeeding Alibaba co-founder Jack Ma in 2019.
“Given the importance of Alibaba Cloud Intelligence Group as we move towards a full split, it’s the right time to make the switch,” Zhang said in a statement.
“I look forward to working closely with Joe and Eddie over the coming months to ensure a smooth transition.”
In March, Alibaba announced plans to restructure itself into six business units, with plans to allow all but its main e-commerce business to raise foreign capital and go public.
Source: Port Altele
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