Alibaba Holdings Welcomes Eddie Yongming Wu as New CEO

On June 20, Alibaba Group Holding announced that Eddie Yongming Wu, chairman of its Taobao and Tmall Group, will follow Daniel Zhang as CEO, in the company's biggest executive shift since its restructuring.

According to the corporation, Zhang will devote his whole attention to the cloud intelligence group. Zhang has been the group's CEO and chairman, as well as the leader of the Chinese tech giant's cloud unit, since December.

Joseph Tsai, currently the executive vice chairman of Alibaba, will take over as the group's chairman.

"Given the importance of Alibaba Cloud Intelligence Group as it moves towards a full spin-off, this is the right time for me to make a transition." "In the coming months, I look forward to working closely with Joe and Eddie to ensure a smooth transition," Zhang added.

Alibaba Group Holding Limited, also known as Alibaba, is a Chinese multinational technology corporation that specialises in e-commerce, retail, the Internet, and technology. The company, which was founded on June 28, 1999 in Hangzhou, Zhejiang, provides consumer-to-consumer (C2C), business-to-consumer (B2C), and business-to-business (B2B) sales services through web portals, as well as electronic payment systems, retail search engines, and cloud computing services. It owns and operates a wide portfolio of firms in a variety of business areas around the world.