December 25, 2024

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Alibaba announced Eddie Wu to succeed Daniel Chang as CEO in a surprise move

Alibaba announced Eddie Wu to succeed Daniel Chang as CEO in a surprise move

The logo of Alibaba’s office building is seen in downtown Huangpu in Shanghai, China, June 16, 2023.

costphoto | Norphoto | Getty Images

China’s largest e-commerce company announced Tuesday that Eddie Wu will succeed Daniel Zhang as CEO of Alibaba Group, while Ju Tsai will replace Zhang as group chairman.

Wu is a co-founder of Alibaba and is currently the chairman of Taobao and Tmall Group. Tsai, owner of the Brooklyn Nets, is currently the executive vice president of Alibaba.

Zhang will continue to lead the Alibaba Cloud Intelligence Group as chairman and chief executive officer after the change, which the company said will become effective on September 10.

This sudden succession announcement comes after Alibaba said in March that it would divide its company into six business groups. The company explained at the time that this would allow each trade group to raise external funding and announced the most significant reorganization in the history of the Chinese e-commerce giant.

Wu has held several roles in his time at the company, including chief technology officer at Alibaba’s start-up, as well as chief technology officer at Alipay and Taobao. He was also a director of Alibaba Health Information Technology, and founded Vision Plus Capital, a venture capital firm focused on investing in advanced technologies, enterprise services, and digital healthcare.

This is breaking news. . Please check back for updates

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