{"id":275314,"date":"2023-06-20T10:58:34","date_gmt":"2023-06-20T09:58:34","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=275314"},"modified":"2023-06-20T10:58:34","modified_gmt":"2023-06-20T09:58:34","slug":"chinese-tech-giant-alibaba-names-new-ceo-chairman","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/06\/20\/chinese-tech-giant-alibaba-names-new-ceo-chairman\/","title":{"rendered":"Chinese tech giant Alibaba names new CEO, chairman"},"content":{"rendered":"

Chinese tech giant Alibaba said Tuesday it will replace its top boss, in a surprise move at the e-commerce titan as it looks to recover from years of slow growth caused by weak consumer spending and a regulatory crackdown.<\/p>\n

The move comes as the market leader prepares to undergo a fundamental reorganisation of its sprawling business operations, which span cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.<\/p>\n

Under the reshuffle, Joseph Tsai will serve as chairman and Eddie Wu as CEO \u2014 replacing Daniel Zhang, who holds both roles. Both appointments will take effect on September 10.<\/p>\n

Zhang said in a statement it was the \u201cright time\u201d for him to step down as Alibaba<\/a> looks to implement a full spin-off of its advanced cloud computing unit.<\/p>\n

The executive has played a vital role in the company\u2019s success in the past decade, spearheading the now hugely popular Singles\u2019 Day shopping festival since its first edition in 2009.<\/p>\n

After the transition, Zhang will continue to serve as chairman and CEO of Alibaba Cloud Intelligence Group, the company said.<\/p>\n

Alibaba has hit on hard times as Beijing imposed tighter restrictions on the domestic tech sector, while weak consumer spending saw it record its third consecutive quarter of single-digit revenue growth earlier this year.<\/p>\n

And in a shock announcement, Alibaba said in late March that it would split into six business groups \u2014 one of the most significant overhauls of a leading Chinese tech firm to date.<\/p>\n

Zhang said at the time that the restructuring would give the individual business units the ability to pursue independent financing and public listing plans.<\/p>\n

\u2013 \u2018Smart move\u2019 \u2013
\nJeffrey Towson, partner at TechMoat Consulting, said in a call that this week\u2019s shake-up \u201clooks like the second half\u201d of that reorganisation.<\/p>\n

\u201cThe biggest growth engine that Alibaba has outside of its e-commerce business is their cloud business,\u201d Towson said.<\/p>\n

Making this Zhang\u2019s sole focus \u201cis a smart move,\u201d he added.<\/p>\n

Incoming chairman Tsai said in a statement that Zhang had \u201cdemonstrated extraordinary leadership in navigating unprecedented uncertainties affecting our business over the past few years\u201d.<\/p>\n

Tsai, a company veteran who was part of its founding team, brings extensive experience in various finance-related roles, including as former Alibaba chief financial officer.<\/p>\n

Given that background, Li Chengdong, founder of Beijing-based tech-focused think tank Dolphin, told AFP that Tsai\u2019s appointment as chairman would likely \u201cfacilitate communication with Wall Street investors and maintain confidence in the stock price\u201d.<\/p>\n

Under the new arrangement, each unit will be managed by its own CEO and board of directors.<\/p>\n

Alibaba has said it aims to achieve a \u201cmore nimble\u201d structure in order to maintain competitiveness in the face of new regulatory challenges and mounting pressures on the global economy.<\/p>\n

Combined revenue at China\u2019s internet companies shrank by just over one percent to 1.46 trillion yuan ($212 billion) in 2022, the first contraction in almost a decade, according to data from the Ministry of Industry and Information Technology.<\/p>\n

Alibaba founder Jack Ma has kept a low profile since late 2020, when a speech he made attacking Chinese regulators was followed by Beijing pulling the plug on a planned IPO by Alibaba affiliate Ant Group.<\/p>\n

A record fine of $2.75 billion was later imposed on the tech giant for alleged unfair business practices.<\/p>\n

In January, Ant Group said Jack Ma no longer held controlling rights in the company \u2014 a move analysts speculated might have helped pull Ant and Alibaba out of the regulatory doghouse.<\/p>\n","protected":false},"excerpt":{"rendered":"

Chinese tech giant Alibaba said Tuesday it will replace its top boss, in a surprise move at the e-commerce titan as it looks to recover from years of slow growth caused by weak consumer spending and a regulatory crackdown. The move comes as the market leader prepares to undergo a fundamental reorganisation of its sprawling […]<\/p>\n","protected":false},"author":13,"featured_media":275322,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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