Business Insider quoted Alibaba's announcement on June 20 that Eddie Wu will take over as CEO from Daniel Zhang. Eddie Wu is currently the chairman of Taobao and Tmall Group's e-commerce division.
Mr. Joseph Tsai (left) and Mr. Daniel Zhang at an event in 2019.
In addition to his role as CEO, Daniel Zhang will also step down as chairman of Alibaba’s board of directors. He will be replaced by Joseph Tsai, who is currently vice chairman. The changes will take effect on September 10.
Alibaba Group is valued at $238 billion, making it China's third-largest company after Tencent and Kweichow Moutai.
In March, Alibaba announced it would split into six major divisions, with Taobao and Tmall Group being two of those units. The remaining divisions include cloud storage, delivery, logistics, media and entertainment. Each unit will have its own CEO and board of directors, and most will be able to raise funds or go public separately, according to CNN.
Mr. Eddie Wu will be the new CEO of Alibaba
After leaving the above positions, Mr. Daniel Zhang will assume the position of Chairman and CEO of Cloud Intelligence Group, specializing in cloud computing and artificial intelligence, also part of Alibaba. He said this is the right time to transition and is excited about new opportunities in cloud computing. He has been CEO of Alibaba since 2015. In 2019, he replaced Mr. Jack Ma as Chairman of the Group.
Eddie Wu graduated from Zhejiang University of Technology with a bachelor's degree in computer science in 1996. He is one of the co-founders of Alibaba and currently runs three main business units: mobile, instant messaging and music. Marketing and communications site Drum said that Eddie Wu was Alibaba's first programmer.
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