Chinese e-commerce giant Alibaba announces new CEO and chairman in large-scale management restructuring | Wagon Radio 720

To: Zensu, Associated Press

Posted on: June 20, 2023 / 12:25 am CDT

Has been updated: June 20, 2023 / 12:25 am CDT

HONG KONG (AP) – China’s Alibaba Group says its e-commerce giant is growing as China’s economy slows, despite the lifting of restrictions due to the COVID-19 pandemic six months ago. announced a major management reshuffle aimed at promoting

The company said in a statement on Tuesday that e-commerce group chairman Eddie Wu would succeed Daniel Zhang as CEO.

Zhang will become CEO and chairman of Alibaba’s cloud computing unit, which has been approved for spin-off and is expected to go public within a year.

Alibaba’s current executive vice chairman, Joseph Tsai, will succeed Zhang as chairman of Alibaba Group. Tsai, the owner of the Brooklyn Nets NBA basketball team, is a Taiwanese-born Canadian who helped found Alibaba in the late 1990s.

Changes will take effect from September 10th.

Zhang became CEO of Alibaba Group in 2015 and became chairman in 2019, succeeding Alibaba co-founder Jack Ma.

“Given the importance of Alibaba Cloud Intelligence Group as it moves toward a full spin-off, now is the perfect time for me to transition,” Zhang said in a statement.

“We look forward to working closely with Joe and Eddie over the coming months to ensure a smooth transition.”

In March, Alibaba announced plans to reorganize into six business units, with plans to outsource all but its core e-commerce business and go public.