Alibaba makes Tsai chairman and Wu CEO in unexpected restructuring

Daniel Zhang, the eight-year veteran who led a Chinese e-commerce company that was losing market share and was having trouble reviving development in the post-Covid era, has been replaced as CEO by Alibaba Group Holding Ltd.

Zhang’s position as board chairman will be filled by Executive Vice Chairman Joseph Tsai, a trusted confidant of billionaire co-founder Jack Ma. Eddie Wu, who is now chairman of Alibaba’s primary Taobao and Tmall online shopping operations, will succeed Jack Ma as CEO of the $240 billion business.

After Alibaba announced a six-way restructure to boost growth and establish a family of independent market leaders in industries ranging from cloud computing and logistics to international trade, Zhang’s sudden departure came as a surprise. Just as Alibaba reported its third consecutive quarter of single-digit sales growth, confirming worries that a Chinese consumer spending comeback may be further out than anticipated, he detailed his grand vision.