Chinese e-commerce giant Alibaba has announced a major management reshuffle, with Eddie Wu set to succeed Daniel Zhang as CEO and Joseph Tsai to become the new chairman. Wu, who co-founded Alibaba alongside Jack Ma and Tsai over two decades ago, is currently chairman of Taobao and Tmall Group.
Zhang will shift to focus on cloud intelligence, Alibaba said. Zhang has since December been concurrently serving as group CEO and chairman as well as head of its cloud unit. The move comes three months after Alibaba announced it would restructure into six units, each with their own boards and CEOs. Wu’s previous roles include chief technology officer of Alipay and chairman of Alibaba Health. Both appointments will take effect on September 10, 2023.
The reshuffle is the biggest since the company’s restructuring and comes after a tumultuous two years that saw Alibaba heavily targeted by increased regulatory scrutiny. The company’s new structure is designed to help it navigate the regulatory environment and to ensure that the company’s various business units are more closely aligned. The appointment of Wu as CEO and Tsai as chairman is seen as a signal that Alibaba is looking to return to its roots as a technology company, with a renewed focus on innovation and growth.
Alibaba’s new CEO and chairman will face a number of challenges in the coming years, including increased competition from rivals such as JD.com and Pinduoduo, as well as ongoing regulatory scrutiny. However, the company’s strong position in the Chinese e-commerce market, combined with its vast resources and deep expertise, means that it is well placed to weather these challenges and to continue to grow and innovate in the years ahead.