2023-06-20 21:21:00
Hong Kong: Unexpected dismissal at the head of Chinese e-commerce giant Alibaba. Eddie Yongming Wu has been appointed as the new CEO. Daniel Zhang, who was the chairman and CEO, has been replaced
Eddie Yongming Wu, who served as chairman of Alibaba-owned Tmall & Tabo, was made CEO. Zhang will be in full charge of the cloud intelligence division. Zhang has been CEO and chairman of Alibaba Group since December. Zhang was also serving as the head of the Cloud Intelligence Unit.
Alibaba Group Holdings Limited also announced that Executive Vice Chairman Joseph Tsai will succeed Zhang as Chairman. The new CEO and Chairman will be appointed on September 10 this year.
Daniel Zhang took over as CEO in 2015. In 2019, when Jack Ma announced his retirement from Alibaba’s corporate positions, Daniel Zhang also took over as chairman.
The position moves follow a decision to split the company into six business groups. As part of the expansion of each business group, the plan is to raise money from outside and become a public company.
New CEO Eddie Yongming Wu, who graduated from Zhejiang University of Technology in 1996 with a bachelor’s degree in computer science, is also one of Alibaba’s co-founders. Wu is also Alibaba’s first programmer.
Alibaba’s business spans cloud computing, e-commerce, logistics, media, entertainment and artificial intelligence. Headquartered in Hangzhou, China.
Alibaba’s operations can be divided into six groups namely Cloud Intelligence, Thabo Tmall, Local Service, Global Digital, Kanyo Smart Logistics and Digital Media and Entertainment.
China’s regulator had levied huge fines and taken punitive measures against Alibaba for allegedly violating anti-trust laws. This was followed by the announcement that Alibaba will be divided into six groups.
Founded in 1997, Alibaba is worth an estimated $238 billion. It is the third most valuable company in China after gaming giant Tencent and beverage company Kweicho Mouta.
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