All articles tagged with #eddie wu
Alibaba Group CEO Eddie Wu is set to lead the company's Taobao and Tmall e-commerce business, replacing Trudy Dai in the latest management reshuffle. Dai, one of Alibaba's co-founders, will assist in establishing an asset management company. This move follows Wu's appointment as CEO of Alibaba in September, and he has been serving as the chairman of Taobao and Tmall Group since May 2023.
Alibaba's stock dropped over 4% after former CEO Daniel Zhang unexpectedly quit the company's cloud computing unit, raising concerns about the impact on the subsidiary's planned IPO next year. Zhang had recently chosen to focus solely on the cloud unit, which has been facing weak sales growth. Eddie Wu, the new group CEO, will take over as acting CEO and chairman of the unit. Despite Zhang's departure, Alibaba intends to proceed with the spinoff of the cloud unit under a yet-to-be-appointed management team.
Alibaba shares have fallen by 2.13% due to the announcement of Eddie Wu succeeding Daniel Zhang as CEO and Joe Tsai taking Zhang's place as chairman. Additionally, several Chinese stocks have also fallen after China's central bank made cuts to its one-year loan prime rate and five-year rate to stimulate the country's economic recovery.
Eddie Yongming Wu is set to take over as CEO of Alibaba Group Holding in the autumn, while the group's vice-chair Joe Tsai will step up as chair. Jack Ma plans to be more deeply involved in the company, pushing to refocus on small and medium-sized Taobao sellers instead of the big brands dominating Tmall. Alibaba is betting on organizational restructuring to regain market share lost to fledgling online platforms while remaining compliant with China's regulatory norms.
Eddie Wu, a long-time executive at Alibaba, is preparing to take over the company's leadership from founder Jack Ma. Wu has been with the company for over a decade and has played a key role in its success. As Ma steps back from day-to-day operations, Wu will be tasked with continuing to grow the e-commerce giant and navigate the challenges of the global market.
Alibaba's chairman and CEO, Daniel Zhang, will step down from his role as chairman and be replaced by Joseph Tsai, an Alibaba veteran and executive vice chairman. Eddie Wu, chairman of Taobao and Tmall Group, will become CEO. The changes will take effect on September 10th. This leadership shake-up comes just a few months after Alibaba split itself into six divisions, with each division under the leadership of an independent CEO.
Eddie Wu, one of Alibaba's co-founders and current chairman of Taobao and Tmall Group, will succeed Daniel Zhang as CEO of Alibaba Group, while Joe Tsai will take Zhang's place as chairman. Zhang will continue to lead the Alibaba Cloud Intelligence Group. This surprise succession announcement comes after Alibaba said in March it will split its company into six business groups.