Chinese e-commerce titan Alibaba names a new CEO and chairman as part of a significant management restructuring
The COVID-19 pandemic limitations were lifted a half-year ago, but China’s Alibaba Group has announced a significant management shake-up intended to boost the e-commerce giant’s development at a time when the Chinese economy is weakening.
The business said in a statement on Tuesday that Eddie Wu, chairman of its e-commerce segment, would follow Daniel Zhang in the role of CEO.
The division of Alibaba’s cloud computing business that has been given the get-ahead to be spun off and is anticipated to go public for trading within a year will be led by Zhang as CEO and chairman.
Zhang will be succeeded as chairman of the Alibaba Group by Joseph Tsai, who is currently Alibaba’s executive vice chairman. Tsai, a Taiwanese-Canadian citizen and owner of the NBA basketball franchise Brooklyn Nets, assisted in founding Alibaba in the late 1990s.
Sept. 10 is the new date.
In 2015, Zhang was appointed CEO of the Alibaba Group, and in 2019, he replaced Jack Ma as chairman.
Given the significance of Alibaba Cloud Intelligence Group as it moves closer to a complete spin-off, Zhang stated in a statement, “This is the right time for me to make a transition.”
To guarantee a smooth transition, “I look forward to working closely with Joe and Eddie in the coming months.”
The reorganisation of Alibaba into six business units was announced in March, with intentions to enable all save its core e-commerce sector to seek outside funds and go public.
