Alibaba appoints new CEO

Alibaba Group has announced that it has named a new CEO to replace Daniel Zhang. According to the statement, the new CEO will be Eddie Wu. Eddie Wu will replace Daniel Zhang as CEO of Alibaba Group, while Joe Tsai will replace Zhang as chairman of the group, China's largest e-commerce company announced on Tuesday. Wu is a co-founder of Alibaba and is currently the chairman of Taobao and Tmall Group. Tsai, who owns the Brooklyn Nets, is currently Alibaba's executive vice chairman. Zhang will continue to lead Alibaba Cloud Intelligence Group as president and general manager after the change, which the company said will take effect on September 10.