Alibaba announces Eddie Wu to succeed Daniel Zhang as CEO in surprise move
The logo of the Alibaba office building is seen in downtown Huangpu District in Shanghai, China, June 16, 2023.
Eddie Wu will succeed Daniel Zhang as chief executive of Alibaba Group , while Joe Tsai will take Zhang's place as the group's chairman, China's largest e-commerce company announced Tuesday.
Wu is one of Alibaba's co-founders and currently chairman of Taobao and Tmall Group. Brooklyn Nets owner Tsai is currently Alibaba's executive vice chairman.
Zhang will continue to lead the Alibaba Cloud Intelligence Group as chairman and chief executive after this change, which the company said will take effect Sept. 10.
This surprise succession announcement comes after Alibaba said in March it will split its company into six business groups. The company explained at that time that this will allow each business group to raise outside funding and go public in the most significant reorganization in the Chinese e-commerce giant's history.
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Source: CNBC
