Chinese e-commerce giant Alibaba announces new CEO and chairman in major management reshuffle
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 -- 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. 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. The changes take effect Sept. 10. Zhang became Alibaba Group’s CEO ...