China’s Alibaba Group has announced that Eddie Wu, chairman of its e-commerce group, will replace Daniel Zhang as CEO in a major management reshuffle.
Byzen soo associated press
FILE – Joseph Tsai, executive vice chairman of Alibaba Group, speaks to reporters during Alibaba’s 11.11 Global Shopping Festival, also known as Singles Day, in Shanghai, China November 11, 2018. China’s Alibaba Group has announced a major management reshuffle aimed at boosting the e-commerce giant’s growth at a time when the Chinese economy is slowing despite the end of COVID-19 pandemic restrictions a year and a half ago. (AP Photo/Ng Han Guan, File)
The Associated Press
Hong Kong — China’s Alibaba Group has announced a major management reshuffle aimed at boosting the e-commerce giant’s growth at a time when the Chinese economy is slowing despite the end of COVID-19 pandemic restrictions a year and a half ago.
Eddie Wu, president of its e-commerce group, will succeed Daniel Zhang as CEO, the company said in a statement Tuesday.
Zhang will be CEO and president of Alibaba’s cloud computing unit, which has been approved to be spun off and is expected to be listed for trading within a year.
Joseph Tsai, the current executive vice president of Alibaba, will succeed Zhang as chairman of Alibaba Group. Tsai, who owns the NBA basketball team Brooklyn Nets, is a Canadian citizen born in Taiwan and helped establish Alibaba in the late 1990s.
The changes will be effective from September 10.
Zhang became CEO of Alibaba Group in 2015 and succeeded Alibaba co-founder Jack Ma as chairman in 2019.
“Given the importance of Alibaba Cloud Intelligence Group, this is the right time for me to make the transition as it moves toward a full spin-off,” Zhang said in a statement.
“I look forward to working closely with Joe and Eddie over the coming months to ensure a seamless transition.”
Alibaba announced in March that it plans to reshape itself into six business divisions, allowing all except its core e-commerce business to raise external capital and go public.
