China's Alibaba Group has announced a major management reshuffle as the e-commerce giant restructures into six different business divisions to adapt to fast-changing technologies.
China's Alibaba Group has announced a major management reshuffle as the e-commerce giant restructures into six different business divisions to adapt to fast-changing technologies.
Alibaba's current executive vice chairman, Joseph Tsai, is to succeed Zhang as chairman of the Alibaba Group. Tsai, who owns the NBA basketball team Brooklyn Nets and is the chairman of Alibaba-owned Hong Kong newspaper South China Morning Post, is a Taiwan-born Canadian citizen. He helped to found Alibaba in the late 1990s.
Joe Tsai, co-founder and executive vice chairman, Alibaba Group, speaks during the Milken Institute Global Conference on October 18, 2021, in Beverly Hills, California.Zhang, became Alibaba Group's CEO in 2015 and succeeded Ma as chairman in 2019. He is known for creating the Singles' Day shopping festival, which over the years has grown to become the world's largest online shopping extravaganza.
Shortly afterward, the government scuttled a planned initial public offering of Alibaba's financial affiliate Ant Group. It had been set to raise $34.5 billion in what would have been the world's largest share offering at the time.
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