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Taiwanese Canadian billionaire Joseph Tsai will be replacing Daniel Zhang, the Chinese e-commerce's former chairman and CEO, as Alibaba's new and incoming chairman as the company undergoes major changes. What you need to know: Tsai, a co-founder of Alibaba who also owns the Brooklyn Nets NBA team, will become the company’s new chairman starting September. The CEO position left by Zhang will be filled by Eddie Wu, the chairman of Taobao and Tmall Group, Alibaba’s e-commerce services, the company announced on Tuesday.
In a surprise succession plan, Alibaba has announced a new chairman and chief executive to replace Daniel Zhang. The e-commerce major has been struggling to bounce back post-Covid.
Alibaba Group revealed chairman and CEO Daniel Zhang will step down to focus on its cloud division, with his current role to be split in two.
Brooklyn Nets owner Joe Tsai has been promoted from his position as executive vice chairman at Alibaba after Daniel Zhang stepped down.