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Chinese e-commerce giant Alibaba announces new CEO and chairman in major management reshuffle

By ZEN SOO - Jun 20, 2023, 01:27 AM ET
Last Updated - Aug 13, 2024, 03:31 AM EDT
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Alibaba's current executive vice chairman, Joseph Tsai, is to succeed Zhang as chairman of the Alibaba Group. Tsai, who owns the NBA basketball team Brooklyn Nets, is a Taiwan-born Canadian citizen and helped to found Alibaba in the late 1990s

China's Alibaba Group has announced that Eddie Wu, chairman of its e-commerce group, will succeed Daniel Zhang as CEO in a major management reshuffle

HONG KONG (AP) — China’s Alibaba Group has announced a major management reshuffle aimed at spurring the e-commerce giant's growth at a time when the Chinese economy is slowing despite an end to COVID-19 pandemic restrictions a half-year ago.  

Eddie Wu, chairman of its e-commerce group, will succeed Daniel Zhang as CEO, the company said in a statement Tuesday. 

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Zhang will be CEO and chairman of Alibaba’s cloud computing unit, which has been approved to be spun off and is expected to be listed for trading within a year.  

Alibaba's current executive vice chairman, Joseph Tsai, is to succeed Zhang as chairman of the Alibaba Group. Tsai, who owns the NBA basketball team Brooklyn Nets, is a Taiwan-born Canadian citizen and helped to found Alibaba in the late 1990s. 

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