Alibaba's Zhang to step down as CEO, chairman amid business shakeup

Joseph Tsai, Alibaba’s HK:9988 BABA current executive vice chairman, will take on the chairman position effective Sept. 10, the Chinese e-commerce giant announced Tuesday. Eddie Yongming Wu, who serves as the chairman of Alibaba’s Taobao and Tmall Group e-commerce businesses, will become CEO of the company and take over Zhang’s spot on Alibaba’s board of directors, also effective...

Joseph Tsai, Alibaba’s 9988 BABA current executive vice chairman, will take on the chairman position effective Sept. 10, the Chinese e-commerce giant announced Tuesday. Eddie Yongming Wu, who serves as the chairman of Alibaba’s Taobao and Tmall Group e-commerce businesses, will become CEO of the company and take over Zhang’s spot on Alibaba’s board of directors, also effective Sept. 10.

Zhang plans to stay at Alibaba and will continue to lead the company’s cloud intelligence group as both the chairman and CEO of that unit. Alibaba previously announced that it planned to spin out the cloud business as part of a broader move to unlock value from its sprawling enterprise.“This is the right time for me to make a transition, given the importance of Alibaba Cloud Intelligence Group as it progresses towards a full spin-off,” Zhang said in Tuesday’s release.

Zhang has been Alibaba’s chairman since 2019, when co-founder Jack Ma stepped down from that position. He’s been the company’s CEO since 2015. Alibaba is in the midst of a big shakeup after having announced earlier this year that it planned to reorganize into six business units that would have the flexibility to raise funding and pursue initial public offerings if desired. Alibaba has evolved into a massive enterprise with footholds in international commerce, logistics, food delivery and more, but the recent thinking has been that investors could come to better appreciate some of those units on their own.

Portugal Últimas Notícias, Portugal Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Alibaba and more: Morgan Stanley names 5 global stocks with at least 50% upsideThe Wall Street bank is bullish as the broad MSCI Asia Pacific equities index has entered a new bull market, rising 25% from last October's low.
Fonte: CNBC - 🏆 12. / 72 Consulte Mais informação »

Alibaba, other tech stocks drop as Goldman downgrades China growth forecastChina stocks had a rough ride on Monday, as Goldman Sachs piled on worries over growth and investors fretted the country won't move fast enough with stimulus.
Fonte: MarketWatch - 🏆 3. / 97 Consulte Mais informação »