Daniel Zhang: Celebs Rumors

Alibaba Group has announced that co-founder Joe Tsai is taking over as chairman, while Eddie Wu, currently chairman of ecommerce businesses Taobao and Tmall Group, has been appointed CEO. 

Patrick Frater Asia Bureau Chief Alibaba, the Chinese e-commerce, technology and entertainment giant, said Tuesday that Joseph C. Tsai will succeed Daniel Zhang as chairman of the group. Eddie Wu (aka Wu Yongming) will take over Zhang’s role as group CEO. Both men are veterans of the group. Tsai, owner of the Brooklyn Nets basketball franchise, is currently Alibaba’s executive vice chairman. Wu is one of Alibaba’s founders and was its original chief technology officer in 1999. He has since held the CTO role at key businesses units including Taobao and Alipay and is currently chairman of Taobao and Tmall Group. Zhang, who took over as group chairman from the iconic Jack Ma, is in the process of orchestrating the biggest restructuring in Alibaba’s 24-year history. Alibaba, which has share listings in New York and Hong Kong, is to transform itself into a holding company with stakes in six separate business units that are free to raise their own capital or even go down the IPO route.

Patrick Frater Asia Bureau ChiefNet earnings at Alibaba, the Chinese e-commerce giant and media owner, dropped by 50% to $3.40 billion (RMB22.7 billion) in the three months between April and June, the first quarter of its current financial year. Revenues were unchanged at $30.7 billion (RMB206 billion).

Patrick Frater Asia Bureau ChiefAlibaba, Chinese e-commerce and entertainment giant, says that  the worst of the economic fallout from the coronavirus is now behind it. Indeed, the health and economic crisis is accelerating digital transformation.The company revealed a 34% surge in revenues and net profits between April and June, the first quarter of its new financial year, climbed by 28% to $5.59 billion.“Our domestic core commerce business has fully recovered to pre-COVID-19 levels across the board, while cloud computing revenue grew 59% year-over-year,” said group CEO Daniel Zhang.