- Alibaba Group Holding Ltd (NYSE:BABA) Chair and CEO Daniel Zhang stepped down as Chairman and General Manager of Zhejiang Tmall Technology Co., Ltd. and Taobao (China) Software Co., Ltd, the Pandaily reports. Trudy Dai will succeed Zhang.
- There are currently 16 companies under Zhang’s name, six of which he holds the position of legal representative.
- Zhang had joined Alibaba in August 2007 as the CFO of Taobao. After Tmall became an independent business in 2011, Zhang became its President helping it achieve profitability at the end of 2009.
- After Zhang founded the “Double Eleven Shopping Festival,” Daniel Zhang made it the most extensive online shopping festival globally.
- Jiang Fan, the former CEO of Tmall, no longer serves as the legal representative, Chair, and GM of Taobao and Tmall.
- Fan also no longer served as the legal representative and Chairman of Alibaba Xunxi (Hangzhou) Digital Technology Co., Ltd.
- Previously, Alibaba looked to lay off 30% of its employees amid an ongoing domestic regulatory crackdown.
- Alibaba also underwent intense restructuring in its cloud unit.
- Price Action: BABA shares traded lower by 3.13% at $83.78 in the premarket on the last check Monday.
- Photo via Wikimedia Commons
