Alibaba has a new CEO.
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Alibaba, the Chinese e-commerce and tech giant, is switching up its leadership.
Cofounder Eddie Wu will replace Daniel Zhang as CEO, the company announced Tuesday.
The move comes three months after Alibaba announced it would split into six groups.
Alibaba has a new CEO.
Eddie Wu, currently the chairman of Taobao and Tmall Group, will take over as CEO from Daniel Zhang, Alibaba Group announced Tuesday. The change in roles will take effect on September 10.
Zhang is also stepping down from his role as chairman of the board, per the company’s announcement on Tuesday. He will be replaced by Joseph C. Tsai, who’s currently the executive vice chairman of the group.
Alibaba is worth $238 billion, making it the third-most valuable company in China behind gaming giant Tencent and beverage company Kweichow Moutai.
In March, the company announced it would be splitting into six separate groups. Taobao and Tmall Group, which Wu is currently the head of, is one of those six groups.
After Zhang steps down from his role, he will lead Alibaba’s Cloud Intelligence Group as chairman and CEO, the company announced.
Who is Eddie Wu, the new CEO of Alibaba?
Wu has thus far maintained a low media profile, but here’s what we know about him.
Education: Wu graduated from Zhejiang University of Technology with a bachelor’s degree in computer science in 1996.
History at Alibaba: He’s one of the cofounders of Alibaba, and he currently serves as a senior vice president overseeing three business units, per Crunchbase. Those include mobile, instant messaging, and music. He was Alibaba’s first programmer, according to the Drum, an outlet focused on the marketing and media industries.
Alibaba did not immediately respond to a request for comment from Insider.
This is a developing story. We’ll update it as we learn more.