Alibaba names new chairman, CEO in surprise succession plan
Executive vice chairman Joseph Tsai will rise to chairman while e-commerce executive Eddie Yong will replace Daniel Zhang as chief executive officer
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.
