Joseph Tsai, executive vice chairman of Alibaba Group, speaks to journalists during Alibaba’s 11.11 Global Shopping Festival, also known as Singles Day, in Shanghai, China, on Nov. 11, 2018. (AP Photo/Ng Han Guan, File)
HONG KONG — Alibaba Group, the e-commerce giant from China, has announced a significant management reshuffle to drive growth amid the country’s economic slowdown despite the lifting of COVID-19 pandemic restrictions six months ago.
Eddie Wu, chairman of Alibaba’s e-commerce group, will take over as CEO, succeeding Daniel Zhang, according to a statement released by the company on Tuesday.
Zhang will become CEO and chairman of Alibaba’s cloud computing unit, which is expected to be spun off and listed within a year.
Joseph Tsai, the current executive vice chairman of Alibaba, will assume the role of chairman of the Alibaba Group, taking over from Zhang. Tsai, a Taiwan-born Canadian citizen and owner of the NBA basketball team Brooklyn Nets, played a significant role in the founding of Alibaba in the late 1990s.
The management changes will be effective from September 10.
Zhang became CEO of Alibaba Group in 2015 and took over as chairman in 2019, succeeding co-founder Jack Ma.
“Given the importance of Alibaba Cloud Intelligence Group as it progresses towards a full spin-off, this is the right time for me to make a transition,” Zhang said
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