In a surprising move, China’s e-commerce giant Alibaba Group Holding Limited has announced the appointment of Eddie Wu as the new CEO, poised to succeed the renowned executive Daniel Zhang. This unexpected succession plan has sent ripples through the business world.
Recently, during the mass layoffs during the world, it was observed that Alibaba dismissed the rumors around any such fake news circulating the internet. In fact the big giant declared hiring of new employees, especially targeting the newly graduates who would fill up 1/5th of the vacancies, thus releasing 15,000 vacancies this financial year. As the company due to its splitting of business operations statement , the cloud of rumors arose that the company would lay off 7% of its staff amidst tough economic environment, thus preparing for an IPO. The company has decided to undergo division of six units which will holistically work for the betterment of the company.
Zhang has been concurrently serving in three roles since December, when he took over as head of the cloud unit after it suffered an outage that it described as its “longest major-scale failure” for over a decade. In a statement, Zhang expressed that the timing was appropriate for him to “step down” as CEO and chairman of Alibaba. He acknowledged the company’s plans to fully spin off its cloud computing business and recognized that it would be inappropriate for him to continue holding both positions while overseeing the public offering of the cloud computing business.
Let’s in-depth learn about the profile of the newly acquired CEO, Eddie Wu. As Wu was also the firm’s executive chairman and will focus on the company’s cloud intelligence business. He is regarded as the Co-Founder and Vice-President of the Alibaba company. Eddie Wu served in a variety of management roles since Alibaba’s inception. Prior to joining Alibaba Group, Mr. Wu worked at China Pages and later spearheaded the technology development for the website of China’s Ministry of Foreign Trade and Economic Cooperation (MOFTEC).
