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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.
The changes take effect September 10. Zhang became Alibaba Group's CEO in 2015 and succeeded Alibaba co-founder Jack Ma as chairman in 2019.
“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,” Zhang said in a statement. “I look forward to working closely with Joe and Eddie in the coming months to ensure a seamless transition.”
Alibaba in March announced plans to reshape itself into six business divisions with plans to allow all but its core e-commerce business to raise outside capital and go public.
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