On September 10th, Chairman of Alibaba Group Holding Limited, Joseph Tsai, issued a company-wide letter announcing the completion of the planned handover of management positions within the group on that day. He has taken over as Chairman of the Board, while Eddie Wu assumes the role of CEO. This signifies that Alibaba has completed its second institutionalized transition of corporate management positions and is making rapid and smooth progress in its self-transformation initiative launched in March this year (1+6+N).
Joseph Tsai, on behalf of Alibaba Group Holding Limited, used the term “impressive achievements” to highly praise and express gratitude for Daniel Zhang’s dedication and contributions to the company over the past 16 years. The Alibaba Board of Directors has accepted Zhang’s request to step down from his positions as Chairman and CEO of Alibaba Cloud. These roles will be assumed by Group CEO Eddie Wu temporarily. Alibaba Group will invest $1 billion to support Daniel Zhang in establishing a future-oriented technology fund and will also award him with the first-ever honorary title of “Distinguished Alibaba Person”.
Alibaba Group Holding Limited stated that institutionalized inheritance is an important foundation for the company’s stable development and a source of strength for its innovative growth. They believe that the new management team can bring new perspectives and added value to the company, leading Alibaba Group Holding Limited to discover and promote new technologies, incubate more innovation possibilities, and create greater value for society.
SEE ALSO: Daniel Zhang May Focus on Cloud and Step Down as CEO of Alibaba
On June 20th, Daniel Zhang, the Chairman and CEO of Alibaba Group Holding Limited, announced through a company-wide letter that he will step down from his position as Chairman and CEO of Alibaba on September 10th this year. He will then focus full-time on serving as the Chairman and CEO of Alibaba Cloud Intelligence Group, dedicating himself to the development of Alibaba Cloud. At the same time, with approval from the board of directors of Alibaba Group Holding Limited, Joseph Tsai, Executive Vice Chairman of the group, will assume the role of Chairman; Eddie Wu will become the CEO of Alibaba Group Holding Limited while continuing to serve as chairman of Taobao and Tmall Group.
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