Joseph Tsai Officially Becomes the Chairman of Alibaba

On September tenth, Chairman of Alibaba Group Holding Limited, Joseph Tsai, issued a company-wide letter asserting the completion of the deliberate handover of administration positions inside the group on that day. He has taken over as Chairman of the Board, whereas Eddie Wu assumes the function of CEO. This signifies that Alibaba has accomplished its second institutionalized transition of company administration positions and is making speedy and easy progress in its self-transformation initiative launched in March this yr (1+6+N).

Joseph Tsai, on behalf of Alibaba Group Holding Limited, used the time period “impressive achievements” to extremely reward and specific gratitude for Daniel Zhang’s dedication and contributions to the firm over the previous 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 probably be assumed by Group CEO Eddie Wu quickly. Alibaba Group will make investments $1 billion to assist Daniel Zhang in establishing a future-oriented know-how fund and also will award him with the first-ever honorary title of “Distinguished Alibaba Person”.

Alibaba Group Holding Limited acknowledged that institutionalized inheritance is a crucial basis for the firm’s secure improvement and a supply of power for its modern development. They consider that the new administration crew can deliver new views and added worth to the firm, main Alibaba Group Holding Limited to find and promote new applied sciences, incubate extra innovation potentialities, and create better worth for society.

SEE ALSO: Daniel Zhang May Focus on Cloud and Step Down as CEO of Alibaba

On June twentieth, Daniel Zhang, the Chairman and CEO of Alibaba Group Holding Limited, introduced via a company-wide letter that he’ll step down from his place as Chairman and CEO of Alibaba on September tenth this yr. He will then focus full-time on serving as the Chairman and CEO of Alibaba Cloud Intelligence Group, dedicating himself to the improvement of Alibaba Cloud. At the identical time, with approval from the board of administrators of Alibaba Group Holding Limited, Joseph Tsai, Executive Vice Chairman of the group, will assume the function of Chairman; Eddie Wu will turn into the CEO of Alibaba Group Holding Limited whereas persevering with to function chairman of Taobao and Tmall Group.

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