Chinese e-commerce giant Alibaba names new CEO and chairman

Chinese e-commerce giant Alibaba on Tuesday announced that Eddie Yongming Wu will succeed Daniel Zhang as chief executive officer, starting on September 10.
Wu, currently chairman of subsidiary Taobao and Tmall Group, will also replace Zhang on the company's board of directors.
Joseph Tsai, currently executive vice chairman, will succeed Zhang as chairman of the company.
Wu, who in addition to taking on the role of CEO, will continue to serve as chairman of commerce platforms Taobao and Tmall. Following the transition, Zhang will continue to lead Alibaba Cloud Intelligence Group as its chairman and chief executive officer.
Zhang, who joined the company in 2007, has been Alibaba Group's CEO over the past eight years and chairman over the past four years.
The company noted that Wu is one of its co-founders, a member of the Alibaba Partnership and has been chairman of Taobao and Tmall Group since May 2023. Wu was technology director of Alibaba at the company's inception in 1999.
He served as chief technology officer of Alipay from December 2004, among various other roles.