Tuesday, July 16, 2024
Outlook.com
Outlook India
Outlook Business

Alibaba's Daniel Zhang Steps Down, Makes Way for Eddie Yongming Wu

Zhang will continue to work as the CEO and chairman of the e-commerce company’s Cloud Intelligence Group

Alibaba's Daniel Zhang Steps Down, Makes Way for Eddie Yongming Wu
Daniel Zhang, CEO, Alibaba Group
POSTED ON June 20, 2023 12:04 PM

In a sudden decision, Chinese ecommerce major Alibaba announced its CEO and Chairman Daniel Zhang has stepped down. E-commerce Executive Eddie Yongming Wu has been promoted to CEO, while the current executive vice chairman Joseph Tsai will take over as chairman in September. 

However, Zhang will continue to work as the CEO and Chairman of the company’s Cloud Intelligence Group. 

"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. I look forward to working closely with Joe and Eddie in the coming months to ensure a seamless transition," Zhang said in a statement.

Praising Wu, Joseph Tsai, said, “As chief technology officer of key businesses, including Taobao and Alipay, during Alibaba’s critical phases of development, Eddie was instrumental in architecting our technology platforms and guiding our strategic direction. He led the creation of our proprietary monetization platform on Taobao and Tmall and drove the launch of the Mobile Taobao App to propel our company to the mobile-first era. I look forward to working with Eddie to spark our next phase of growth through technology and innovation”. 

Alibaba is reportedly struggling to grow after the Covid-19 pandemic and has been performing poorly in the market. It has also endured multiple headwinds as China imposed strict regulations on the domestic tech sector.

In March, the company decided to restructure its operations by splitting the business into six different groups to attract growth and fuel expansion goals. 

  • Related Articles

    In his last stint, Sengupta was the managing director and chief executive officer (CEO) of the Indian Overseas Bank (IOB) for nearly 2.5 years

    BharatPe Nominates Partha Pratim Sengupta To The Board of Unity Bank

    The partnership will explore the potential application of emerging technologies like Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), and Augmented Reality (AR)/Virtual...

    Vendanta Group To Leverage Startups' Tech Under Pact With Meity-Nasscom CoE

    The dedicated funds had invested $6.2 billion in May 2022 and $7.4 billion in the preceding month of April 2023, representing a dip of 44 per cent and 52 per cent, respectively, as per the report by...

    PE, VC Investments In India Falls 44% to $3.5 Billion: Report