Joseph Tsai Officially Becomes the Chairman of Alibaba

Sep 11, 2023, 13:04pm2023/09/11 13:04:58 Pandaily

On September 10th, Chairman of Alibaba Group Holding Limited, Joseph Tsai, issued a company-wide letter announcing the completion of the planned handover of management positions within the group on that day. He has taken over as Chairman of the Board, while Eddie Wu assumes the role of CEO. This signifies that Alibaba<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> has completed its second institutionalized transition of corporate management positions and is making rapid and smooth progress in its self-transformation initiative launched in March this year (1+6+N).

Joseph Tsai, on behalf of Alibaba Group Holding Limited<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder />, used the term “impressive achievements” to highly praise and express gratitude for Daniel Zhang’s dedication and contributions to the company over the past 16 years. The Alibaba<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Board of Directors has accepted Zhang’s request to step down from his positions as Chairman and CEO of Alibaba<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Cloud. These roles will be assumed by Group CEO Eddie Wu temporarily. Alibaba<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Group will invest $1 billion to support Daniel Zhang in establishing a future-oriented technology fund and will also award him with the first-ever honorary title of “Distinguished Alibaba<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Person”.

Alibaba Group Holding Limited<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> stated that institutionalized inheritance is an important foundation for the company’s stable development and a source of strength for its innovative growth. They believe that the new management team can bring new perspectives and added value to the company, leading Alibaba Group Holding Limited<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> to discover and promote new technologies, incubate more innovation possibilities, and create greater value for society.

On June 20th, Daniel Zhang, the Chairman and CEO of Alibaba Group Holding Limited<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder />, announced through a company-wide letter that he will step down from his position as Chairman and CEO of Alibaba<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> on September 10th this year. He will then focus full-time on serving as the Chairman and CEO of Alibaba<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Cloud Intelligence Group, dedicating himself to the development of Alibaba<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Cloud. At the same time, with approval from the board of directors of Alibaba Group Holding Limited<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder />, Joseph Tsai, Executive Vice Chairman of the group, will assume the role of Chairman; Eddie Wu will become the CEO of Alibaba Group Holding Limited<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> while continuing to serve as chairman of Taobao and Tmall Group.