Eddie Wu named e-commerce giant Alibaba's CEO

ANKARA

Chinese e-commerce giant Alibaba Group announced on Tuesday that the company’s co-founder Eddie Wu will succeed Daniel Zhang as chief executive officer (CEO).

In a statement, the company also announced that Joe Tsai has been appointed as the group's chairman, succeeding Zhang.

Both appointments will take effect on September 10, according to the statement.

“This is the right time for me to make a transition, given the importance of Alibaba Cloud Intelligence Group as it progresses towards a full spin-off," said Zhang, the chairman and CEO of Alibaba Group.

Zhang will continue to lead Alibaba Cloud Intelligence Group as chairman and CEO.