Alibaba names new chairman, CEO in surprise succession plan

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Alibaba Group has announced a new chairman and chief executive, unveiling a surprise plan to replace Daniel Zhang.

Executive vice chairman Joseph Tsai will rise to chairman while e-commerce executive Eddie Yong will replace Zhang as chief executive officer, the company said Tuesday.

Zhang’s shock departure comes after the company announced a six-way restructuring to try and juice growth and create a family of standalone industry giants.

He unveiled that grand vision after China’s e-commerce leader posted its third consecutive quarter of single-digit revenue growth, reinforcing concerns that a Chinese consumer spending rebound may be farther out than anticipated.

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