/ world today news/ Alibaba CEO and President Zhang Yun will step down from these posts in September and focus on the company’s cloud business, according to an internal letter announced by its official WeChat account. It states that he will take over the leadership of the Alibaba Cloud Intelligence Group, with the aim of increasing its competitiveness and global presence.
Joseph Tsai, Group Executive Vice President, will take over as Chairman of Alibaba Group, while Wu Yunming, President of Taobao & Tmall Group, will take over as CEO.
Zhang Yun became Alibaba’s CEO in 2015 and took on the additional role of president in 2019 following Jack Ma’s decision to step down from his corporate responsibilities at the company he founded in 1997.
Joseph Tsai played a significant role in the birth and development of the company. From 1999 to 2013, he served as CFO and led the company’s listing on the New York Stock Exchange in 2014. His global experience and understanding of the macro environment are expected to aid Alibaba’s internationalization efforts.
Recently, Alibaba underwent a major restructuring, with the company divided into six separate units, including cloud services, e-commerce, logistics, and media and entertainment, and now has its own CEO and board of directors. This restructuring allows for greater business flexibility and independent risk management.
Alibaba reported a 2 percent increase in revenue to 208 billion yuan ($30 billion) in the three-month period ended in March. The company plans to hold an initial public offering for its grocery business Freshippo and aims to list its subsidiary Cainiao Smart Logistics within the next 12 to 18 months.
#Alibaba #CEO #President #Zhang #Yun #step #September
