Cai Chongxin, the executive vice chairman of Alibaba, has been appointed as the new chairman of the group, succeeding Zhang Yong. The announcement was made on June 20 by Zhang Yong himself in an internal letter to all employees. Zhang Yong expressed his desire to focus on the Alibaba Cloud Intelligence Group and the opportunities of digital transformation, leading him to propose a succession plan to the board.
With the approval of the board of directors, Zhang Yong will step down as chairman and CEO of Alibaba Holding Group on September 10. Cai Chongxin, who is currently the executive vice chairman of the group, will take over as the chairman of the board and CEO of Alibaba Holding Group. He will also serve as the chairman of Taotian Group.
Cai Chongxin, born in Taiwan in 1964, immigrated to the United States at the age of thirteen and obtained a doctorate in law from Yale University. He holds Canadian nationality and currently resides in Hong Kong. Cai Chongxin became acquainted with Jack Ma in 1993 while working as a senior executive in an investment company. He later co-founded Alibaba and served as the chief financial officer.
In the partner system adopted by Alibaba, only Ma Yun (Jack Ma) and Cai Chongxin are permanent partners. Ma Yun has expressed his gratitude towards Cai Chongxin, stating that he is one of the four people he is most grateful for in achieving Alibaba’s success.
Cai Chongxin’s net worth is currently estimated to be as high as 7.6 billion U.S. dollars. In addition to his role at Alibaba, he is also the owner of the NBA Nets.
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What is the succession plan proposed by Zhang Yong in his internal letter to employees?
Cai Chongxin, the executive vice chairman of Alibaba, will be taking over as the new chairman of the group, succeeding Zhang Yong. Zhang Yong himself announced this in an internal letter to all employees on June 20. Zhang Yong expressed his desire to focus on the Alibaba Cloud Intelligence Group and digital transformation opportunities, leading him to propose a succession plan to the board.
With the board of directors’ approval, Zhang Yong will step down as chairman and CEO of Alibaba Holding Group on September 10. Cai Chongxin, the current executive vice chairman, will then become the chairman of the board and CEO of Alibaba Holding Group. He will also serve as the chairman of Taotian Group.
Cai Chongxin, born in Taiwan in 1964, moved to the United States at the age of thirteen and earned a doctorate in law from Yale University. He is a Canadian citizen and resides in Hong Kong. Cai Chongxin first met Jack Ma in 1993 while working as a senior executive in an investment company. He later co-founded Alibaba and served as the chief financial officer.
In Alibaba’s partner system, only Jack Ma and Cai Chongxin are permanent partners. Jack Ma has expressed his gratitude towards Cai Chongxin, considering him one of the four people he is most thankful for in Alibaba’s success.
Cai Chongxin’s net worth is currently estimated to be around 7.6 billion U.S. dollars. Alongside his role at Alibaba, he is also the owner of the NBA Nets.
Interesting choice for Alibaba’s chairman succession. Excited to see how Cai Chongxin will lead the group and build on the foundation set by Zhang Yong.