Alibaba appoints a new president and a new CEO

Daniel Zhang, until now Alibaba's top executive, will continue to lead the Chinese giant's cloud business

MADRID, 20 Jun. (EUROPA PRESS) -

Alibaba Group has announced on Tuesday the appointment as the new CEO of the company Eddie Yongming Wu, current president of Taobao and Tmall and one of the co-founders of the Chinese company, who will replace Daniel Zhang as first CEO from September 10. executive officer and will take his place on the board of directors.

Likewise, the Chinese e-commerce giant has also announced that Joseph C. Tsai, current executive vice president of Alibaba, will become the company's new president as of September 10, taking over from Daniel Zhang.

On his side, Daniel Zhang, who has held the position of Alibaba CEO since 2015, will continue to lead Alibaba Cloud Intelligence Group as its Chairman and CEO.

"It has been an incredible honor and privilege to lead Alibaba Group as CEO for the past eight years and as Chairman for the past four years," said Zhang, who believes this is the right time for a transition given the importance of Alibaba Cloud. Intelligence Group as the company moves toward a full spin-off.

Last March, Alibaba announced its intention to undertake a reorganization of its activity, including its division into six companies, each with flexibility to raise external capital and study the possibility of going public.

In this way, the six resulting business groups will be Intelligence in the Cloud; Taobao Tmall Commerce Group; Local Services; Cainiao Intelligent Logistics; Global Digital Commerce and Entertainment and digital media.

Each business group will retain the flexibility to raise outside capital and make an initial public offering when they are ready, with the exception of Taobao Tmall, which will remain owned by Alibaba Group.