Alibaba Names Tsai Chairman, Wu CEO in Surprise Shake-Up

Alibaba Group Holding Ltd. replaces eight-year veteran CEO Daniel Zhang at the helm of a Chinese e-commerce leader that is losing market share and struggling to revive growth in the post-Covid era.

Executive Vice Chairman Joseph Tsai, a longtime confidant of billionaire co-founder Jack Ma, will take Zhang’s position as chairman. Eddie Wu, now chairman of Alibaba’s core Taobao and Tmall businesses, will take over as CEO of the $240 billion company.