Chinese e-commerce giant Alibaba announces new CEO and Chairman in major reshuffle
The Hindu
China’s Alibaba Group has announced a major management reshuffle aimed at spurring the e-commerce giant’s growth at a time when the Chinese economy is slowing despite an end to COVID-19 pandemic restrictions a half-year ago.
China's Alibaba Group has announced a major management reshuffle aimed at spurring the e-commerce giant's growth at a time when the Chinese economy is slowing despite an end to COVID-19 pandemic restrictions a half-year ago.
Eddie Wu, Chairman of its e-commerce group, will succeed Daniel Zhang as CEO, the company said in a statement on June 20. Mr. Zhang will be the CEO and Chairman of Alibaba's Cloud Computing Unit, which has been approved to be spun off and is expected to be listed for trading within a year. Alibaba's current Executive Vice Chairman, Joseph Tsai, is to succeed Mr. Zhang as Chairman of the Alibaba Group.
Also Read | Alibaba to split into six units, explore IPOs
Mr. Tsai, who owns the NBA basketball team Brooklyn Nets, is a Taiwan-born Canadian citizen and helped to found Alibaba in the late 1990s.
The changes take effect from September 10. Mr. Zhang became Alibaba Group's CEO in 2015 and succeeded Alibaba co-founder Jack Ma as Chairman in 2019.
Also Read | Alibaba’s Jack Ma returns to mainland China
“This is the right time for me to make a transition, given the importance of Alibaba Cloud Intelligence Group as it progresses towards a full spin-off,” Mr. Zhang said in a statement. “I look forward to working closely with Joe and Eddie in the coming months to ensure a seamless transition,” he added.
Tuhin Kanta Pandey appointed as SEBI Chairperson, focusing on technology, trust, transparency, and teamwork for institution's growth.
Key infrastructure sectors' output grew by 4.6% in January 2025, with coal, steel, and electricity production increasing.
Commerce Minister Piyush Goyal to negotiate bilateral trade agreement with US, aiming to boost commerce and investments.
Tuhin Kanta Pandey borrows from a near four-decade career in public administration that had him serving as a district collector and magistrate of Odisha’s Sambalpur district to being recently made Revenue Secretary in addition to his position as Finance Secretary.
A Cognizant subsidiary took Infosys to court, alleging that the IT major had stolen data from their proprietary software.
Bajaj Auto Ltd. launches Bajaj GoGo electric autos with long range, segment-first features, and trusted reliability for customers.
The U.S. President’s economic and tariff policies and measures to secure his country’s borders may seem justified in terms of promoting his nation’s interests but have wider ramifications not only for Americans themselves, but also for the rest of the world. His tariff proposals will result in supply chain disruptions, lead to market and currency volatility, disrupt capital and trade flows, contribute to inflation and cause a decline in world trade and economic growth, worsening the plight of the poor, especially in developing economies.