China’s Alibaba Group has announced a major management reshuffle aimed at spurring the e-commerce giant’s growth at a time when the Chinese economy is slowing despite an end to COVID-19 pandemic restrictions a half-year ago. | AP
Joseph Tsai, executive vice chairman of Alibaba Group, speaks to journalists during Alibaba’s 11.11 Global Shopping Festival, also known as Singles Day, in Shanghai, China, on Nov. 11, 2018.
HONG KONG — China’s Alibaba Group has announced a major management reshuffle aimed at spurring the e-commerce giant’s growth at a time when the Chinese economy is slowing despite an end to COVID-19 pandemic restrictions a half-year ago. Eddie Wu, chairman of its e-commerce group, will succeed Daniel Zhang as CEO, the company said in a statement Tuesday.Zhang will be CEO and chairman of Alibaba’s cloud computing unit, which has been approved to be spun off and is expected to be listed for trading within a year.
Alibaba’s current executive vice chairman, Joseph Tsai, is to succeed Zhang as chairman of the Alibaba Group. Tsai, who owns the NBA basketball team Brooklyn Nets, is a Taiwan-born Canadian citizen and helped to found Alibaba in the late 1990s.
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