Alibaba Group Appoints Eddie Wu As New CEO: CNBC

In a significant leadership reshuffle, Alibaba Group BABA has announced that Eddie Wu, one of the company’s co-founders and current chairman of Taobao and Tmall Group, will succeed Daniel Zhang as CEO, CNBC reports.

Leadership Transition: Wu’s appointment as CEO is part of Alibaba’s succession plan. The transition is set to take effect on Sept. 10.

Zhang’s New Role: Post-transition, Zhang will continue to lead the Alibaba Cloud Intelligence Group, serving as its chairman and chief executive.

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