Alibaba Group Holding Ltd. has made a surprising announcement regarding its leadership, revealing a new chairman and chief executive as part of its efforts to address market share losses and revive growth in the post-Covid era.
On Tuesday, the company stated that Executive Vice Chairman Joseph Tsai would assume the role of chairman, while e-commerce executive Eddie Yong would replace Daniel Zhang as the chief executive officer.
Zhang’s unexpected departure follows Alibaba’s announcement of a six-way restructuring plan aimed at boosting growth and establishing a group of independent industry leaders. This strategic vision was unveiled after the company experienced its third consecutive quarter of single-digit revenue growth, raising concerns about the timing of a rebound in Chinese consumer spending.
The leadership changes signify Alibaba’s determination to navigate the challenges posed by the evolving market landscape and drive the company’s growth trajectory in the face of changing consumer behaviors and economic conditions.