In a move to accelerate its growth during a time when the Chinese economy is slowing down, Alibaba Group has announced a significant management reshuffle. Eddie Wu, the chairman of the company’s e-commerce group, will take over as CEO, replacing Daniel Zhang. Zhang will become the CEO and chairman of Alibaba’s cloud computing unit, which is expected to be spun off and listed for trading within a year. Joseph Tsai, the current executive vice chairman, will succeed Zhang as chairman of the Alibaba Group. The changes will come into effect on September 10.
Zhang has been the CEO of Alibaba Group since 2015 and became chairman in 2019, taking over from co-founder Jack Ma. In a statement, Zhang said, “This is the right time for me to make a transition, given the importance of Alibaba Cloud Intelligence Group as it progresses towards a full spin-off. I look forward to working closely with Joe and Eddie in the coming months to ensure a seamless transition.”
Earlier in March, Alibaba announced plans to restructure into six business divisions, with the intention of allowing all entities, except for the core e-commerce business, to raise outside capital and go public.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
