Jack Ma’s Alibaba Group Unveils Succession plan, E-commerce executive will Replace Daniel Zhang as CEO

New Delhi (India), 20th June 2023: A latest statement from Alibaba Group stated that Eddie Wu will succeed Daniel Zhang as its CEO.

This succession plan comes just after the largest e-commerce company in China announced that it will divide into six business groupings.

This will enable each business segment to raise outside money and go public in the most important reorganisation in its history.

In an internal memo to Alibaba staff Zhang said, “As everyone is well aware, the development of core technologies such as cloud computing, big data and AI will lead to a tremendous transformation of our society and is of utmost strategic significance.”

He also added, “Cloud Intelligence Group is now full speed ahead on its spin-off plans and we are approaching a crucial stage of the process, so it is the right time for me to dedicate my full attention and time to the business.”

Joe Tsai will succeed Zhang as the group’s chairman, the business added. After this adjustment, which the business claimed will go into effect on September 10, Zhang will continue to serve as chairman and chief executive of the Alibaba Cloud Intelligence Group.

Wu, one of the co-founders of Alibaba, will succeed Zhang, he is as currently the chairman of Taobao and Tmall Group. Tsai, the owner of the Brooklyn Nets, is currently the executive vice chairman of Alibaba.

Wu has held a variety of positions over his tenure at the company, including chief technology officer at Taobao and Alipay as well as overseeing technology during Alibaba’s start.

He founded Vision Plus Capital, a venture capital firm that specialises in investing in cutting-edge technology, enterprise services, and digital healthcare, and he was also the director of Alibaba Health Information Technology.

Since 2015, Zhang has served as the chairman and chief executive of the Alibaba Group, succeeding Jack Ma in those positions.