- Alibaba Group announced the restructuring of the company’s leading team.
- Joseph Tsai would rise to the position of Chairman, while Eddie Wu would become the CEO.
- Tsai is an active crypto investor and is expected to contribute to the company through innovation.
The crypto enthusiast Joseph Tsai, who would be positioned as the Chairman of the Chinese crypto-friendly multinational company Alibaba Group succeeding Daniel Zhang, shared his enthusiasm for contributing to the growth of the company through technology and innovation.
In a surprising turn of a succession plan, Alibaba Group announced on Tuesday the firm’s new Chairman and new Chief Executive Officer (CEO). Tsai, one of the founders of the company, would ascend to the Chairman position, and Eddie Yongming Wu, Chairman of Taobao and Tmall Group, would become the CEO starting September 10.
Over the past few months, Alibaba Group has been witnessing grave falls, with its shares tumbling. Following the Japanese company SoftBank’s groundbreaking move of selling a majority of its stake in Alibaba Group, the latter’s shares dropped by almost 3%.
Alibaba’s current strategic move is reportedly intended as a requisite leadership reformation to tackle the financial crises and as a part of its reorganization into multiple units of technology services and retail divisions.
According to the company statement, Tsai conveyed his eagerness to work with Eddie, quoting:
As chief technology officer of key businesses including Taobao and Alipay during Alibaba’s critical phases of development, Eddie was instrumental in architecting our technology platforms and guiding our strategic direction. He led the creation of our proprietary monetization platform on Taobao and Tmall and drove the launch of the Mobile Taobao App to propel our company to the mobile-first era.
Tsai was identified as a crypto enthusiast initially in 2021 when he shared a Twitter post, citing, “I like crypto.”
Though there weren’t any detailed explanations or updates on the tweet, he later proved to be a diligent crypto investor through his active participation in crypto investment and trading. Tsai’s family office Blue Pool Capital is reportedly a minority shareholder in the now-fallen crypto exchange FTX.
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