Alibaba Group has announced that co-founder Joe Tsai is taking over as chairman, while Eddie Wu, currently chairman of ecommerce businesses Taobao and Tmall Group, has been appointed CEO.
Alibaba Group has announced that co-founder Joe Tsai is taking over as chairman, while Eddie Wu, currently chairman of ecommerce businesses Taobao and Tmall Group, has been appointed CEO.
Patrick Frater Asia Bureau Chief Alibaba, the Chinese e-commerce, technology and entertainment giant, said Tuesday that Joseph C. Tsai will succeed Daniel Zhang as chairman of the group. Eddie Wu (aka Wu Yongming) will take over Zhang’s role as group CEO. Both men are veterans of the group. Tsai, owner of the Brooklyn Nets basketball franchise, is currently Alibaba’s executive vice chairman. Wu is one of Alibaba’s founders and was its original chief technology officer in 1999. He has since held the CTO role at key businesses units including Taobao and Alipay and is currently chairman of Taobao and Tmall Group. Zhang, who took over as group chairman from the iconic Jack Ma, is in the process of orchestrating the biggest restructuring in Alibaba’s 24-year history. Alibaba, which has share listings in New York and Hong Kong, is to transform itself into a holding company with stakes in six separate business units that are free to raise their own capital or even go down the IPO route.
Patrick Frater Asia Bureau ChiefNet earnings at Alibaba, the Chinese e-commerce giant and media owner, dropped by 50% to $3.40 billion (RMB22.7 billion) in the three months between April and June, the first quarter of its current financial year. Revenues were unchanged at $30.7 billion (RMB206 billion).
Alibaba founder Jack Ma has made his first public appearance since October after questions swirled about his whereabouts.
Questions are growing about the whereabouts of Jack Ma, the billionaire founder of Chinese tech giant Alibaba, after he failed to appear on the finale of an African business TV show he created.
Patrick Frater Asia Bureau ChiefSeveral Western media outlets have reported the disappearance of Jack Ma, China’s most prominent businessman, and co-founder of e-commerce and entertainment giant Alibaba.
Patrick Frater Asia Bureau ChiefAn Indian court has asked Chinese tech giant Alibaba, and its co-founder Jack Ma, to present evidence about the operation of its news operations.
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