The logo of the Alibaba office building is seen in downtown Huangpu District in Shanghai, China, June 16, 2023.
Costfoto | Nurphoto | Getty Images
Alibaba Group has made a surprising announcement today regarding the appointment of Eddie Wu as its new chief executive, succeeding Daniel Zhang.
This decision follows Alibaba’s previous announcement in March to reorganize the company into six business groups, allowing each group to raise external funding and pursue public offerings, marking a major milestone in the history of the Chinese e-commerce giant.
In an internal memo addressed to Alibaba staff, Zhang emphasized the strategic significance of core technologies such as cloud computing, big data, and AI, stating that they will bring about a tremendous transformation in society. He further mentioned that the Alibaba Cloud Intelligence Group is currently advancing its spin-off plans and nearing a crucial stage, requiring his full attention and dedication to the business.
In addition to the CEO change, Joe Tsai will assume the role of chairman for the Alibaba Group. Zhang, on the other hand, will continue to lead the Alibaba Cloud Intelligence Group as chairman and CEO. The transition is expected to take effect on September 10.
Zhang also highlighted the need for clear separation between the board and management team as the Cloud Intelligence Group moves towards becoming an independent public company in terms of corporate governance.
Eddie Wu, the appointed successor, is a co-founder of Alibaba and currently serves as the chairman of Taobao and Tmall Group. Joe Tsai, the owner of the Brooklyn Nets, is currently the executive vice chairman of Alibaba.
Wu has held various roles within Alibaba, including leading the technology department during its inception, serving as the chief technology officer of Alipay and Taobao, and founding Vision Plus Capital, a venture capital firm focused on investing in advanced technologies, enterprise services, and digital healthcare. His extensive experience makes him well-suited for the role.
Zhang has been the chief executive of Alibaba Group since 2015 and took on the chairman position in 2019, succeeding founder Jack Ma.
Note: This is breaking news. Please stay tuned for updates.
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