Alibaba Group unveils succession plan and the new CEO



Alibaba Reorganizes To Unlock Shareholder Value


Alibaba Group, a Chinese multinational technology company specializing in e-commerce, retail, the Internet, and technology, unveiled a surprise succession plan on Tuesday. Eddie Yongming Wu, a seasoned e-commerce executive, will succeed Daniel Zhang as the company's CEO in accordance with the new succession plan.

Reportedly, when the succession plan is concluded, Daniel Zhang will devote all of his attention to the team's cloud intelligence section. Zhang has been the CEO and chairman of the Alibaba Group since December.

He is also the director of Alibaba's cloud intelligence division. According to a statement from the Chinese e-commerce company, Zhang will be succeeded as chairman by Executive Vice Chairman Joseph Tsai.

This succession announcement follows the group's declaration in March 2023 that it will divide the corporation into six business areas. The company's most major organizational restructuring in company history, according to the Alibaba Group, would allow each business group to seek outside investment for expansion and go public.

Zhang reportedly said, “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. I look forward to working closely with Joe and Eddie in the coming months to ensure a seamless transition.”

Meanwhile, Jack Ma, a Chinese business magnate, investor, philanthropist, and co-founder of Alibaba Group, has been making headlines over his first seminar as a visiting professor at Tokyo College.

In May of this year, Jack Ma was named a visiting professor at Tokyo College, part of the University of Tokyo. Last week, he addressed students about entrepreneurship and innovation.

Jack Ma left his position as chairman of Alibaba in 2019. Later on, he spoke at an event at the Tokyo Forum alongside SoftBank Group CEO Masayoshi Son. They shared a mutual passion for the future of technology.


Sources

https://www.businesstoday.in/latest/corporate/story/alibaba-group-unveils-succession-plan-e-commerce-executive-to-replace-daniel-zhang-as-ceo-386268-2023-06-20

https://www.japantimes.co.jp/news/2023/06/19/business/jack-ma-tokyo-first-seminar/







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