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Alibaba Group Announces Leadership Change: Crypto-Friendly Joseph Tsai to Take Over as Chairman

On Tuesday, the board of directors of Alibaba Group Holding Limited made a significant announcement regarding the company’s management. In a press release via Business Wire, the Company noted that current Executive Vice Chairman Joseph C. Tsai will follow Daniel Zhang as Chairman of the Alibaba Group. Mr Zhang will step down as CEO and be replaced by Eddie Yongming Wu, Chairman of Taobao and Tmall Group, on the board of directors. The new leadership will take over on September 10, 2023.

Daniel Zhang, the outgoing Chairman and CEO, expressed his gratitude for the opportunity to lead Alibaba Group over the past years. Zhang stated, “It has been an incredible honor and privilege to lead Alibaba Group as CEO over the past eight years and Chairman over the past four years. 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 will continue to lead Alibaba Cloud Intelligence Group as its Chairman and CEO.

Regarding the leadership change, Joseph Tsai acknowledged Daniel Zhang’s exceptional contributions to the company. Tsai said, “Daniel has made exceptional contributions to the development of Alibaba Group since joining the company in 2007, and he demonstrated extraordinary leadership in navigating unprecedented uncertainties affecting our business over the past few years. We believe there is no better leader than Daniel to steer Alibaba Cloud Intelligence Group into the next chapter of its journey and future growth.”

Eddie Yongming Wu, who will assume the role of CEO, expressed his gratitude for the trust placed in him by the board of directors. Wu stated, “I am grateful for the trust of the Alibaba Group board of directors and am honored to succeed Daniel as Alibaba’s CEO. Over the past 24 years, Alibaba has consistently innovated through evolution and breakthroughs from within, and each transformation has catalyzed new growth. While our current transformation brings in a new corporate organizational and governance structure, Alibaba’s mission remains unchanged.”

Wu, an Alibaba co-founder and part of the Alibaba Partnership, has a strong history in technology and executive leadership inside the business. He was Alibaba’s first technical director when it was founded in 1999, and he has since held several important positions, including chief technology officer of Taobao and Alipay. Alibaba’s success is mainly due to Wu’s experience and skill in guiding technology platforms and strategic direction.

The leadership transition at Alibaba Group represents the organization’s dedication to sustained development, innovation, and adjustment to the changing business environment. In September 2023, the new leadership will officially take over, beginning a new era for the Alibaba Group under the direction of Chairman Joseph Tsai and CEO Eddie Yongming Wu.

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