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Alibaba Group has announced that chief executive Eddie Wu will now serve as chief executive of the group’s ecommerce arm, Taobao and Tmall Group.
He is currently chairman of Taobao and Tmall Group, and will take on the role of CEO with effect from today (20 December, 2023).
In addition, the company said it will form a new asset management company to focus on managing the operation of its non-core assets as part of “ongoing efforts to improve return on capital and enhance shareholder value”.
Earlier this year, it was reported that former Alibaba chief executive and chairman Daniel Zhang was stepping down from his role to lead the company’s computing service arm.
Following this transition, the company said Zhang would continue to lead Alibaba Cloud Intelligence Group as its chairman and chief executive officer.
Eddie Yongming Wu, chairman of Taobao and Tmall Group, succeeded Zhang as chief executive officer and replaced Zhang on the company’s board of directors.
