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☆ Alibaba shares jump after founder Jack Ma reemerges with praise of Chinese giant's 'transformations'
▼ + stars: | 2024-04-10 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Jack Ma, founder of Alibaba, reappeared in the public view in China for the first time in months. Alibaba founder Jack Ma on Wednesday praised the company's reorganization and change over its tumultuous past year, marking the billionaire's second major public statement to employees in just a few months. Daniel Zhang, longtime CEO of Alibaba Group, unexpectedly quit and then stepped down as CEO of the company's cloud unit. Ma is reemerging at a time when Alibaba employees are likely in need of a morale boost. The Alibaba founder also said Alibaba needs to think what e-commerce looks like in three years' time, especially since the arrival of artificial intelligence.

Persons: Jack Ma, Alibaba, Ma, ByteDance, Daniel Zhang, Eddie Yongming Wu, Joe Tsai, Tsai, Wu Organizations: CNBC, Wednesday, Ant Group, Alibaba, Cainiao Locations: China, Beijing

☆ Former Alibaba CEO Daniel Zhang quits cloud in surprise move amid landmark restructuring
▼ + stars: | 2023-09-11 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Daniel Zhang, the outgoing chairman and CEO of Alibaba, has stepped down from his position running the company’s cloud division in a surprise move announced just months after he assumed the pivotal role. Daniel Zhang, the then CEO of Alibaba, speaks at a conference in Shanghai in November 2022. Han Haidan/China News Service/Getty ImagesEddie Yongming Wu will succeed Zhang as acting chairman and CEO of its cloud unit, Alibaba said Monday. Significant restructuringIn March, Alibaba announced it would split into six separate units, including cloud, e-commerce, logistics, media and entertainment. Analysts said Zhang’s departure from the cloud business came as a surprise, but should not affect a potential IPO of the unit.

Persons: Hong Kong CNN — Daniel Zhang, Zhang, “, “ Mr Zhang, Daniel Zhang, Han Haidan, Eddie Yongming Wu, Alibaba, Joseph C Tsai, Wu, Joe Tsai, Steven Ferdman, Tsai, —, ”, ” Tsai, Jacob Cooke Organizations: Hong Kong CNN, ” Citi, Alibaba, China News Service, Cloud Intelligence Group, Paley International, Paley Museum, CNN, Brooklyn Nets, New York Liberty, South China Morning, Alibaba Group, Analysts Locations: China, Hong Kong, Shanghai, New York, Alibaba

☆ Alibaba’s Boss Steps Aside
▼ + stars: | 2023-09-10 | by ( John Koblin | More About John Koblin | ) www.nytimes.com time to read: +1 min

Daniel Zhang, the departing chief executive and chairman of the Chinese tech giant Alibaba, has stepped down as head of the tech company’s cloud division, a position he held for mere months. The company announced in June that Mr. Zhang would give up the chairman role this month to Joseph Tsai, a co-founder of Alibaba, and that Eddie Yongming Wu, another founder, would became the chief executive. But Mr. Zhang had been widely expected to continue to lead Alibaba’s cloud computing division, a position he assumed in March as part of a broad restructuring that he unveiled for the company that month. The news that Mr. Zhang would also step down from the company’s cloud division was earlier reported by both Bloomberg and Reuters. Mr. Zhang’s standing at Alibaba became uncertain after the company announcement in June that he would be replaced by two key members of the tech giant’s old guard.

Persons: Daniel Zhang, Zhang, Joseph Tsai, Eddie Yongming Wu, Zhang’s Organizations: Bloomberg, Reuters Locations: Alibaba

REUTERS/Dado Ruvic/Illustration/File PhotoAug 10 (Reuters) - China's Alibaba Group Holding (9988.HK) reported its strongest quarterly revenue growth in almost two years on Thursday, boosted by a mid-year shopping festival that attracted bargain hunting consumers amid a sober economic environment. The Chinese e-commerce giant posted first-quarter revenue of 234.16 billion yuan ($32.29 billion), up 14% from the prior-year quarter which was hit by strict pandemic lockdowns. The figurebeat analysts' estimates of 224.92 billion yuan, according to Refinitiv data. Regulatory concern has eased for China's tech giants, including Alibaba, this year, with Chinese authorities keen to boost private sector confidence. (1 Chinese yuan renminbi = $0.1387)Reporting by Yuvraj Malik in Bengaluru; Editing by Shounak Dasgupta and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Daniel Zhang, Eddie Yongming Wu, Alibaba's, Joseph Tsai, Yuvraj Malik, Shounak Dasgupta, Sharon Singleton Organizations: REUTERS, HK, Cloud Intelligence Group, Tmall, PDD Holdings, Thomson Locations: U.S, China, Alibaba, Bengaluru

The CEO role will be handed over to Eddie Yongming Wu, chairman of Alibaba's Taobao and Tmall Group, while Executive Vice Chairman Joseph Tsai will take over Zhang as chairman. "The idea or expectation that one person could manage the business' crown jewel Cloud and at the same time manage the entire Alibaba Group is an unreasonable expectation." "It would be inappropriate for me to continue serving as chairman and CEO of both companies at the same time during the spin-off process." Alibaba thanked Zhang for his "extraordinary leadership in navigating unprecedented uncertainties affecting the company's business over the past few years." Wu, who co-founded Alibaba alongside Ma and Tsai over two decades ago, will continue to concurrently serve as chairman of Taobao and Tmall Group, Alibaba said.

Persons: Zhang, Joseph Tsai, Alibaba, Daniel Zhang, Eddie Yongming Wu, Alibaba's, Daniel, Brian Wong, Jack Ma, Joe, Eddie, Eric Chen, Wu, Ma, Tsai, Alipay, Jacob Cooke, Cooke, China's, J, Michael Evans, Abinaya, Brenda Goh, Scott Murdoch, Anne Marie Roantree, Josh Ye, Muralikumar Anantharaman, Christopher Cushing Organizations: Alibaba, HK, Tmall, Reuters, Cloud Intelligence Group, Analysts, Alibaba Health, Technologies, Thomson Locations: SHANGHAI, China, Hong Kong, Shanghai, Beijing, Japan, Spain, Australia, Thailand, Tokyo, Taobao, Bengaluru, Sydney

☆ Who is Alibaba's new CEO Eddie Wu and chairman Joe Tsai?
▼ + stars: | 2023-06-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Eddie Yongming Wu will step in as CEO, while Joe Tsai will take over as chairman on Sept. 10. Eddie Wu, incoming CEOEddie Wu is one of the co-founders of Alibaba, who first served it as a technology director back in 1999. Joe Tsai, incoming chairmanAnother co-founder of Alibaba, Joe Tsai was appointed as the company chief financial officer until 2013 and currently serves as executive vice chairman. He is also the chairman of Alibaba's logistics unit Cainiao, as well as a member of the Taobao and Tmall division. Joe Tsai will take up the role of chairman at Alibaba after current chairman and CEO Daniel Zhang steps down.

Persons: BABA BABA, Daniel Zhang, Eddie Yongming Wu, Joe Tsai, Jack Ma, Eddie Wu, Alibaba, Wu, Eddie Wu's, shouldn't, Jacob Cooke, Cooke, Jp Yim, Tsai, Lazada, Michael Evans Organizations: Alibaba, Ant Group, CNBC, Getty, Brooklyn Nets Locations: China, U.S, Lazada, Europe, Singapore, Asia

☆ 'When we meet again, may we all be carefree': Read the outgoing Alibaba CEO's memo to staff
▼ + stars: | 2023-06-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Read the full memo Zhang sent to Alibaba employees:My fellow Aliren,Since becoming CEO of Alibaba Group in May 2015, it has become my custom to send several letters to everyone every year. In turn, the Alibaba board of directors has appointed Joseph C. Tsai to succeed me as Chairman and Eddie Yongming Wu to succeed me as Chief Executive Officer. Time flies, and this year marks my 16th year at Alibaba Group. My appointment as CEO and Chairman of Alibaba Group was beyond my imagination. Daniel ZhangAlibaba Group Chairman and CEOAlibaba Cloud Intelligence Group Chairman and CEO2023.6.20

Persons: Zhang, Alibaba, Joseph C, Tsai, Eddie Yongming Wu, Joe, Eddie, hopefuly, Daniel Zhang Alibaba, 2023.6.20 Organizations: CNBC, Alibaba Group, Cloud Intelligence, Cainiao Smart Logistics, Cloud Intelligence Group, Alibaba Locations: Alibaba

☆ Alibaba Says Its Chairman, Daniel Zhang, Will Step Down in September
▼ + stars: | 2023-06-20 | by ( Chang Che | ) www.nytimes.com time to read: +1 min

In a major overhaul at the top of the company, Alibaba Group, China’s leading e-commerce giant, announced on Tuesday that Daniel Zhang would relinquish his role as chairman and chief executive of the company. Mr. Zhang said he would continue to serve as chief executive of Alibaba’s cloud computing division. Joseph Tsai, an Alibaba veteran who is the company’s executive vice chairman, will succeed Mr. Zhang as chairman and as a member of Alibaba’s board of directors. The leader of Alibaba’s e-commerce division, Eddie Yongming Wu, will succeed Mr. Zhang as chief executive, the company added. He will continue to lead both of those platforms as Alibaba’s chief executive.

Persons: Daniel Zhang, Zhang, Joseph Tsai, Alibaba’s, Eddie Yongming Wu, Wu, Alibaba Organizations: Alibaba, Tmall, Alibaba’s

June 21 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The one-year loan prime rate (LPR) was cut to 3.55% and the five-year LPR was cut to 4.20%. The yuan has been trading through 7.00 per dollar every day since May 18, and is now approaching 7.20/dollar. On the Chinese corporate front, investors are digesting the news of changes at the top of e-commerce giant Alibaba Group (9988.HK). The main global event for markets on Wednesday is likely to be Fed Chair Powell's semi-annual testimony to the House Financial Affairs Committee.

Persons: Jamie McGeever, Jerome Powell, Kazuo Ueda, weren't, Daniel Zhang, Eddie Yongming Wu, Joseph Tsai, Deepa Babington Organizations: Federal, Bank of, The Bank of Japan, People's Bank of China, Investors, Alibaba, HK, House Financial, Committee, Thomson, Reuters Locations: Asia, Japan

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