Jack Ma's 'right-hand man' will become Alibaba Chairman

Alibaba Group has just announced plans for Joe Tsai and Eddie Wu to take over as Chairman and CEO, replacing Daniel Zhang.

Alibaba announced on June 20 that Vice Chairman Joseph Tsai will replace Daniel Zhang as chairman. Meanwhile, Taobao and Tmall Group Chairman Eddie Yongming Wu will replace Zhang as CEO. The changes will take effect on September 10.

Zhang will focus on cloud computing. He has been CEO of Alibaba since 2015, and took on the additional position of Chairman in 2019. From December 2022, he will also lead the group's cloud division.

"For me, this is the right time to make the transition. The cloud computing business is important and is preparing to be separated. I will work closely with Joe and Eddie over the next few months to ensure a smooth transition," Zhang said.

Alibaba Chairman and CEO Daniel Zhang. Photo: Bloomberg

Joe Tsai is considered Jack Ma's 'right-hand man', helping to turn Alibaba into an international giant. He directed almost all of Alibaba's early fundraising negotiations, and participated in dozens of M&A deals. He was also the one who attracted investors for the e-commerce giant's IPO.

"The new CEO and chairman are both co-founders of the company and close to Jack Ma. Therefore, I don't think the company's strategy will change much," Kenny Wen - Chief Strategy Officer at KGI Asia commented on Bloomberg .

The move comes as Alibaba has lost market share and struggled to revive growth post-Covid-19. Beijing has tightened its grip on tech giants in recent years. Alibaba has been accused of violating anti-monopoly laws and has received record fines. It has also had to change its business model.

Eddi Wu - who will replace Daniel Zhang as CEO of Alibaba. Photo: Alibaba

In late March, the Chinese e-commerce giant announced a restructuring plan that would split the group into subsidiaries, each with a focus on e-commerce, media, and cloud computing. Alibaba would act as the parent company.

The six subsidiaries include Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group, and Digital Media. These businesses will operate with greater autonomy, laying the foundation for future expansion. Five of the six companies will raise additional capital or conduct IPOs.

Ha Thu (according to Bloomberg)

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