HONG KONG — China’s Alibaba Group has announced a major management reshuffle aimed at boosting the e-commerce giant’s growth at a time when China’s economy is slowing despite the end of COVID-19 pandemic restrictions a year ago. six months.
Eddie Wu, chairman of its e-commerce group, will succeed Daniel Zhang as CEO, the company said in a statement on Tuesday.
Zhang will serve as CEO and chairman of Alibaba’s cloud computing unit, which has been approved for spin-off and is expected to go public within a year.
Alibaba’s current executive vice president, Joseph Tsai, is to succeed Zhang as chairman of the Alibaba Group. Tsai, owner of NBA basketball team Brooklyn Nets, is a Canadian citizen born in Taiwan and helped found Alibaba in the late 1990s.
The changes come into effect on September 10.
Zhang became CEO of Alibaba Group in 2015 and succeeded Alibaba co-founder Jack Ma as chairman in 2019.
“It’s a good time for me to make a transition, given the importance of Alibaba Cloud Intelligence Group as it moves towards a full spin-off,” Zhang said in a statement.
“I look forward to working closely with Joe and Eddie in the months ahead to ensure a smooth transition.”
Alibaba announced plans in March to restructure 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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