Alibaba named Eddie Wu as new CEO.

Alibaba Group said in a surprise announcement Tuesday Eddie Wu will succeed Daniel Zhang as its chief executive, a move that will free Zhang to focus on the company’s cloud intelligence business.

This succession plan comes after China’s largest e-commerce company said in March it will restructure its company into six business groups in the most significant reorganization in its history, aiming to reinvigorate the company after slowing economic growth in its home market and tougher Beijing regulations combined to hit its bottom line.

Alibaba shares pared losses after the announcement and were trading down 1% in Hong Kong on Tuesday afternoon.

The company also announced Joe Tsai will take Zhang’s place as the group’s chairman. 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.

About the Alibaba

Alibaba is a prominent Chinese multinational conglomerate specializing in e-commerce, technology, and various other sectors. Founded in 1999 by Jack Ma and a group of entrepreneurs, Alibaba has grown into one of the world’s largest and most influential companies.

The company operates a range of businesses, including online marketplaces, cloud computing services, digital payment platforms, logistics and supply chain management, entertainment, and media ventures. Its flagship platforms, such as Taobao, Tmall, and Alibaba.com, facilitate online retail transactions between businesses and consumers. These platforms have played a significant role in shaping China’s e-commerce landscape and have gained international recognition as well.

Source: www.cnbc.com


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