Chinese group Alibaba has announced a major administrative amendment aimed at spurring the growth of the e-commerce giant at a time when China’s economy is slowing despite the end of Corona pandemic restrictions half a year ago.
“Eddie Wu, president of the e-commerce group, will succeed Daniel Chang as CEO,” the company said in a statement Tuesday.
Zhang will be CEO and chairman of Alibaba’s cloud computing division, which has been approved for the split and is expected to go public within a year.
Joseph Tsai, current executive vice president of Alibaba, will succeed Zhang as chairman of the Alibaba Group.
Tsai, who owns the NBA’s Brooklyn Nets, is a Canadian citizen of Taiwanese origin who helped found Alibaba in the late 1990s.
The amendments will come into force on 10 September.
Zhang became CEO of Alibaba Group in 2015 and replaced Alibaba co-founder Jack Ma as chairman in 2019.
Source: AB