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Alibaba appoints new CEO, chairman amid restructuring

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On Tuesday, Alibaba unexpectedly named a new chief executive and chairman.File photo by Alex Plavevski/EPA-EFE

June 20 (United Press International) — Alibaba, China’s largest e-commerce company, unexpectedly announced a new chief executive and chairman on Tuesday.

company Announce Wu Yongming, currently chairman of Taobao and Tmall Group, will succeed Zhang Yong as CEO and will start serving on the board of directors on September 10.

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“I am grateful to the board of directors of Alibaba Group for their trust and honored to succeed Daniel as Alibaba’s CEO,” said Wu, who will continue to work at Taobao and Tmall Group. “Over the past 24 years, Alibaba has continued to innovate from internal evolution and breakthroughs, and each transformation has spawned new growth.”

Cai Chongxin, executive vice chairman of Alibaba, will also succeed Zhang Yong as the company’s chairman.

Zhang will continue to lead Alibaba Cloud Intelligence Group as Chairman and CEO.

news is coming in the midst of remodeling Online retail giant Alibaba announced in March that it would split into six different entities, each with its own chief executive and board of directors.

“It has been a great honor for me to serve as the CEO of Alibaba Group for the past eight years and as the chairman for the past four years,” Zhang said in a statement. Now is the perfect time for me to make the transition.”

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