Daniel Zhang has been appointed as the new chief executive (CEO) of Alibaba, China based e-Commerce company owned by Jack Ma. The investors have upvoted Jack Ma’s move. Zhang, 43, who has been working in Alibaba for the last eight years will replace Jonathan Lu on May 10. Zhang is the present Chief Operating Officer at Alibaba and he joined the company as Chief Financial Officer.
Zhang has a strong financial background, holding a bachelor’s degree in finance from Shanghai University of Finance and Economics.
When Ma stepped aside from the chief executive role two years ago, he emphasized that he had grown too old to run a technology company. In his letter, he said the company’s recent efforts have helped a new generation shine.
In a report, it is announced that the outgoing CEO Lu will remain on Alibaba’s board of directors as vice chairman and aid in the transition in upcoming days. In a letter to employees, Ma said the leadership shuffle was part of efforts to bring younger leaders into the company.
Tidbits
- Alibaba Group Holding Limited is a China based e-commerce company that provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals.
- The group began in 1999 when Jack Ma founded the website Alibaba.com, a business-to-business portal to connect Chinese manufacturers with overseas buyers.
- Alibaba entered India’s e-commerce space with 25% stake in Paytm owner One97.
GK Questions
- Alibaba’s Headquarters is in ______? Hangzhou, China.
- What is the abbreviation of e-Commerce? Electronic Commerce
- Snapdeal acquired ________ to become the largest mobile commerce company in India.? FreeCharge
