Alibaba says Eddie Wu to succeed Daniel Zhang as CEO in surprise move

Alibaba Group said successful a astonishment announcement Tuesday Eddie Wu volition win Daniel Zhang arsenic its main executive.

The succession program comes aft China's largest ecommerce institution said successful March it volition split its institution into six concern groups. The institution explained astatine that clip that this volition let each concern radical to rise extracurricular backing and spell nationalist successful the astir important reorganization successful its history.

"As everyone is good aware, the improvement of halfway technologies specified arsenic unreality computing, large information and AI volition pb to a tremendous translation of our nine and is of utmost strategical significance," Zhang said successful an interior memo to Alibaba staff.

"Cloud Intelligence Group is present afloat velocity up connected its spin-off plans and we are approaching a important signifier of the process, truthful it is the close clip for maine to dedicate my afloat attraction and clip to the business," helium added.

Alibaba shares pared losses aft the announcement and is trading down 1%.

The institution besides announced Joe Tsai volition instrumentality Zhang's spot arsenic the group's chairman. Zhang volition proceed to pb the Alibaba Cloud Intelligence Group arsenic president and main enforcement aft this change, which the institution said volition instrumentality effect Sept. 10.

Other than unreality intelligence, the different 5 concern units see its Taobao Tmall business; its section services limb focusing connected nutrient transportation and mapping; Cainiao Smart logistics business; its planetary e-commerce concern including AliExpress and Lazada; and its integer media and amusement business.

"From a firm governance perspective, we besides request wide separation betwixt the committee and absorption squad arsenic Cloud Intelligence Group proceeds down the way to becoming an autarkic nationalist company," Zhang added successful the interior memo.

Zhang's successor Wu is 1 of Alibaba's co-founders and presently president of Taobao and Tmall Group. Brooklyn Nets proprietor Tsai is presently Alibaba's enforcement vice chairman.

Wu has held a multitude of roles successful his clip astatine the company, including heading exertion astatine Alibaba's inception, arsenic good arsenic main exertion serviceman astatine Alipay and Taobao. He was besides manager of Alibaba Health Information Technology and founded Vision Plus Capital, a task superior steadfast focused connected investing successful precocious technologies, endeavor services and integer healthcare.

Zhang has been Alibaba Group's main enforcement since 2015 and chairman since 2019, taking implicit some roles from laminitis Jack Ma.

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