'Alibaba Says Eddie Wu To Succeed Daniel Zhang As CEO In Surprise Move; Joe Tsai Will Take Zhang's Place As The Group's Chairman; Will Take Effect Sept. 10' - CNBC
Portfolio Pulse from Happy Mohamed
Alibaba Group announced Eddie Wu will succeed Daniel Zhang as CEO in a surprise move, while Joe Tsai will become the group's chairman. The changes will take effect on September 10. Zhang will continue to lead the Alibaba Cloud Intelligence Group as chairman and CEO.
June 20, 2023 | 6:16 am
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Alibaba Group announces Eddie Wu as new CEO and Joe Tsai as chairman, effective September 10. Shares are trading down 1% in Hong Kong.
The surprise announcement of Eddie Wu as the new CEO and Joe Tsai as the new chairman may cause uncertainty among investors, leading to a short-term negative impact on Alibaba's stock price. The stock is already trading down 1% in Hong Kong after the news.
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