World News

Alibaba names new CEO, chairman amid structural shakeup

By Clyde Hughes   |   June 20, 2023 at 7:21 AM
Alibaba named a new CEO and chairman in a surprise move Tuesday. File Photo by Alex Plavevski/EPA-EFE

June 20 (UPI) -- China's mega e-commerce company Alibaba announced a new CEO and chairman in a surprise move on Tuesday.

The company announced that Eddie Yongming Wu, currently the chair of Taobao and Tmall Group, will succeed Daniel Zhang as CEO and take his seat on the board beginning on Sept. 10.


"I am grateful for the trust of the Alibaba Group board of directors and am honored to succeed Daniel as Alibaba's CEO," said Wu, who will keep his job at Taobao and Tmall Group. "Over the past 24 years, Alibaba has consistently innovated through evolution and breakthroughs from within, and each transformation has catalyzed new growth."

Alibaba Executive Vice Chairman Joseph C. Tsai will also succeed Zhang as the company's chairman.

Zhang will continue to lead Alibaba Cloud Intelligence Group as its chair and CEO.

The news comes amid a reshaping of Alibaba after the online retailing giant announced in March it would split into six distinct entities, all with its own CEOs and board of directors.

"It has been an incredible honor and privilege to lead Alibaba Group as CEO over the past eight years and chairman over the past four years," Zhang said in a statement. "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."