Chinese tech giant Alibaba said Tuesday it will replace its top boss, in a surprise move at the e-commerce titan as it looks to recover from years of slow growth caused by weak consumer spending and a regulatory crackdown.

The move comes as the market leader prepares to undergo a fundamental reorganisation of its sprawling business operations, which span cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.&nbsp;

Under the reshuffle, Joseph Tsai will serve as chairman and Eddie Wu as CEO –&nbsp;replacing Daniel Zhang, who holds both roles. Both appointments will take effect on September 10.

Zhang said in a statement it was the "right time" for him to step down as Alibaba looks to implement a full spin-off of its advanced cloud computing unit.

The executive has played a vital role in the company's success in the past decade, spearheading the now hugely popular Singles' Day shopping festival since its first edition in 2009.

After the transition, Zhang will continue to serve as chairman and CEO of Alibaba Cloud Intelligence Group, the company said.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/jack-ma-goes-in-huddle-with-execs-asks-them-to-focus-on-taobao-report-606627">Jack Ma goes in huddle with execs, asks them to focus on Taobao: Report</a>

Alibaba has hit on hard times as Beijing imposed tighter restrictions on the domestic tech sector, while weak consumer spending saw it record its third consecutive quarter of single-digit revenue growth earlier this year.

And in a shock announcement, Alibaba said in late March that it would split into six business groups –&nbsp;one of the most significant overhauls of a leading Chinese tech firm to date.

Zhang said at the time that the restructuring would give the individual business units the ability to pursue independent financing and public listing plans.

<h2>'Smart move'</h2>

Jeffrey Towson, partner at TechMoat Consulting, said in a call that this week's shake-up "looks like the second half" of that reorganisation.

"The biggest growth engine that Alibaba has outside of its e-commerce business is their cloud business," Towson said.&nbsp;

Making this Zhang's sole focus "is a smart move," he added.&nbsp;

Incoming chairman Tsai said in a statement that Zhang had "demonstrated extraordinary leadership in navigating unprecedented uncertainties affecting our business over the past few years".

Tsai, a company veteran who was part of its founding team, brings extensive experience in various finance-related roles, including as former Alibaba chief financial officer.

Given that background, Li Chengdong, founder of Beijing-based tech-focused think tank Dolphin, told AFP that Tsai's appointment as chairman would likely "facilitate communication with Wall Street investors and maintain confidence in the stock price".

Under the new arrangement, each unit will be managed by its own CEO and board of directors.

Alibaba has said it aims to achieve a "more nimble" structure in order to maintain competitiveness in the face of new regulatory challenges and mounting pressures on the global economy.

Combined revenue at China's internet companies shrank by just over one per cent to 1.46 trillion yuan ($212 billion) in 2022, the first contraction in almost a decade, according to data from the Ministry of Industry and Information Technology.

Alibaba founder Jack Ma has kept a low profile since late 2020, when a speech he made attacking Chinese regulators was followed by Beijing pulling the plug on a planned IPO by Alibaba affiliate Ant Group.

A record fine of $2.75 billion was later imposed on the tech giant for alleged unfair business practices.

In January, Ant Group said Jack Ma no longer held controlling rights in the company –&nbsp;a move analysts speculated might have helped pull Ant and Alibaba out of the regulatory doghouse.

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Chinese tech giant Alibaba said Tuesday it will replace its top boss, in a surprise move at the e-commerce titan as it looks to recover from years of slow growth caused by weak consumer spending and a regulatory crackdown.

Chinese tech giant Alibaba said Tuesday it will replace its top boss, in a surprise move at the e-commerce titan as it looks to recover from years of slow growth caused by weak consumer spending and a regulatory crackdown. The move comes as the market leader prepares to undergo a fundamental reorganisation of its sprawling business operations, which span cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence. Under the reshuffle, Joseph Tsai will serve as chairman and Eddie Wu as CEO – replacing Daniel Zhang, who holds both roles. Both appointments will take effect on September 10. Zhang said in a statement it was the "right time" for him to step down as Alibaba looks to implement a full spin-off of its advanced cloud computing unit. The executive has played a vital role in the company's success in the past decade, spearheading the now hugely popular Singles' Day shopping festival since its first edition in 2009. After the transition, Zhang will continue to serve as chairman and CEO of Alibaba Cloud Intelligence Group, the company said. Also read | Jack Ma goes in huddle with execs, asks them to focus on Taobao: Report Alibaba has hit on hard times as Beijing imposed tighter restrictions on the domestic tech sector, while weak consumer spending saw it record its third consecutive quarter of single-digit revenue growth earlier this year. And in a shock announcement, Alibaba said in late March that it would split into six business groups – one of the most significant overhauls of a leading Chinese tech firm to date. Zhang said at the time that the restructuring would give the individual business units the ability to pursue independent financing and public listing plans. 'Smart move' Jeffrey Towson, partner at TechMoat Consulting, said in a call that this week's shake-up "looks like the second half" of that reorganisation. "The biggest growth engine that Alibaba has outside of its e-commerce business is their cloud business," Towson said. Making this Zhang's sole focus "is a smart move," he added. Incoming chairman Tsai said in a statement that Zhang had "demonstrated extraordinary leadership in navigating unprecedented uncertainties affecting our business over the past few years". Tsai, a company veteran who was part of its founding team, brings extensive experience in various finance-related roles, including as former Alibaba chief financial officer. Given that background, Li Chengdong, founder of Beijing-based tech-focused think tank Dolphin, told AFP that Tsai's appointment as chairman would likely "facilitate communication with Wall Street investors and maintain confidence in the stock price". Under the new arrangement, each unit will be managed by its own CEO and board of directors. Alibaba has said it aims to achieve a "more nimble" structure in order to maintain competitiveness in the face of new regulatory challenges and mounting pressures on the global economy. Combined revenue at China's internet companies shrank by just over one per cent to 1.46 trillion yuan ($212 billion) in 2022, the first contraction in almost a decade, according to data from the Ministry of Industry and Information Technology. Alibaba founder Jack Ma has kept a low profile since late 2020, when a speech he made attacking Chinese regulators was followed by Beijing pulling the plug on a planned IPO by Alibaba affiliate Ant Group. A record fine of $2.75 billion was later imposed on the tech giant for alleged unfair business practices. In January, Ant Group said Jack Ma no longer held controlling rights in the company – a move analysts speculated might have helped pull Ant and Alibaba out of the regulatory doghouse. WATCH WION LIVE HERE

Chinese tech giant Alibaba names new CEO, chairman

China's retail giant Alibaba has fired a manager who allegedly sexually assaulted a woman employee.

The company said it will establish policies to prevent sexual harassment. Alibaba said the manager has been fired and will never be rehired as a police investigation was launched into the incident.

"Alibaba Group has a zero-tolerance policy against sexual misconduct," the company asserted.

Earlier, a woman over the weekend had posted a long PDF document alleging she was sexually assaulted by her boss and a client. The post went viral on China's microblogging website Weibo as police took up the investigation in China's Jinan city.

Alibaba said it had "suspended relevant parties" for violating policies as the issue created a firestorm on China's social media. According to the woman, the client kissed her and after consuming alcohol she reportedly woke up the next day without her clothes and no memory of what had happened.

The woman alleged that her boss had forced her to go to Jinan on a business trip with him while revealing that CCTV footage she had got from the hotel showed her boss had entered the room four times in the evening.

The woman said that the HR department of the company did not fire her boss despite lodging a complaint after initially agreeing. Reports say Alibaba CEO Daniel Zhang promised strong action asserting that "starting from me, starting from management, starting from human resources, everyone at Alibaba must empathize, reflect, and take action."

The company said it had placed the HR personnel including those related to the incident under suspension.

Earlier, China's superstar Kris Wu was detained over sexual assault allegations in a boost to #MeToo movement in the country.&nbsp;

(With inputs from Agencies)

China's retail giant Alibaba has fired a manager who allegedly sexually assaulted a woman employee. The company said it will establish policies to prevent sexual harassment.

China's retail giant Alibaba has fired a manager who allegedly sexually assaulted a woman employee. The company said it will establish policies to prevent sexual harassment. Alibaba said the manager has been fired and will never be rehired as a police investigation was launched into the incident. "Alibaba Group has a zero-tolerance policy against sexual misconduct," the company asserted. Earlier, a woman over the weekend had posted a long PDF document alleging she was sexually assaulted by her boss and a client. The post went viral on China's microblogging website Weibo as police took up the investigation in China's Jinan city. Alibaba said it had "suspended relevant parties" for violating policies as the issue created a firestorm on China's social media. According to the woman, the client kissed her and after consuming alcohol she reportedly woke up the next day without her clothes and no memory of what had happened. The woman alleged that her boss had forced her to go to Jinan on a business trip with him while revealing that CCTV footage she had got from the hotel showed her boss had entered the room four times in the evening. The woman said that the HR department of the company did not fire her boss despite lodging a complaint after initially agreeing. Reports say Alibaba CEO Daniel Zhang promised strong action asserting that "starting from me, starting from management, starting from human resources, everyone at Alibaba must empathize, reflect, and take action." The company said it had placed the HR personnel including those related to the incident under suspension. Earlier, China's superstar Kris Wu was detained over sexual assault allegations in a boost to #MeToo movement in the country. (With inputs from Agencies)

China's Alibaba fires manager accused of sexually assaulting employee as social media explodes

Alibaba founder <a href="https://www.wionews.com/world/what-led-to-china-blocking-jack-mas-record-ipo-364631">Jack Ma</a> has been toppled from the title of China's richest man amid scrutiny by Chinese regulators.

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-what-killed-jack-mas-ipo-political-threats-364641/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

According to Shanghai-based Hurun Global Rich List, the Ant Group founder has tumbled to fourth place behind Nongfu Spring's Zhong Shanshan, Tencent Holding's Pony Ma and Pinduoduo's Collin Huang.

Shanshan entered the list for the first time with an $85 billion fortune. Zhong had reportedly made his money on the $1.1 billion initial public offering (IPO) in Hong Kong last year.

The Hurun report said Ma's ranking fell after "China's regulators reined in Ant Group and Alibaba on anti-trust issues". &nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-jack-ma-is-no-longer-chinas-richest-man-367525/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<a href="https://www.wionews.com/world/chinese-state-media-omits-jack-mas-name-from-list-of-entrepreneurial-leaders-360782">Jack Ma</a> was ranked the richest Chinese on the list last year with his family’s wealth of $45 billion with Pony Ma ranked second with a personal wealth of $44 billion.

More than 200 billionaires were created in China last year, according to the Hurun Global Rich List with the Communist country adding 490 new billionaires in the past five years compared with the 160 added in the US.

The report said Tesla's Elon Musk, Amazon's Jeff Bezos and China's e-commerce giant Colin Huang added over $50 billion in a single year.

The report claimed six of the world's top-10 cities with the highest concentration of billionaires are now in China with Beijing being the top city for the sixth consecutive year.

Alibaba founder Jack Ma has been toppled from the title of China's richest man amid scrutiny by Chinese regulators. Watch: According to Shanghai-based Hurun Global Rich List, the Ant Group founder has tumbled to fourth place behind Nongfu Spring's Zhong Shanshan, Tencent Holding's Pony Ma and Pinduoduo's Collin Huang.

Alibaba founder Jack Ma has been toppled from the title of China's richest man amid scrutiny by Chinese regulators. Watch: According to Shanghai-based Hurun Global Rich List, the Ant Group founder has tumbled to fourth place behind Nongfu Spring's Zhong Shanshan, Tencent Holding's Pony Ma and Pinduoduo's Collin Huang. Shanshan entered the list for the first time with an $85 billion fortune. Zhong had reportedly made his money on the $1.1 billion initial public offering (IPO) in Hong Kong last year. The Hurun report said Ma's ranking fell after "China's regulators reined in Ant Group and Alibaba on anti-trust issues". Jack Ma was ranked the richest Chinese on the list last year with his family’s wealth of $45 billion with Pony Ma ranked second with a personal wealth of $44 billion. More than 200 billionaires were created in China last year, according to the Hurun Global Rich List with the Communist country adding 490 new billionaires in the past five years compared with the 160 added in the US. The report said Tesla's Elon Musk, Amazon's Jeff Bezos and China's e-commerce giant Colin Huang added over $50 billion in a single year. The report claimed six of the world's top-10 cities with the highest concentration of billionaires are now in China with Beijing being the top city for the sixth consecutive year.

Alibaba's Jack Ma no longer richest in China after tiff with regulators over anti-trust issues

Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history.

According to RT, the Ant Group is expected to raise $34.5 billion as part of its dual listing. This was based on the price of its shares on Monday. Jack Ma says that this would make Ant Group the largest listing in "human history", and hailing outside of New York City.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/vaccine-tycoon-overtakes-jack-ma-to-become-chinas-richest-asias-second-wealthiest-329880" hreflang="en">Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest</a> 
 
“It’s the first time that the pricing of such a big listing — the largest in human history — has been determined outside New York City,” the Chinese billionaire said, as reported by RT.

Further calling it a "miracle", the billionaire said that he couldn't have fathomed this three-five years ago. “We didn’t dare to think about it five years ago, or even three years ago”, he said.

Aramco's $29.4 billion listing in December 2020 set the world record. The Ant Group's dual listing worth $35 would break this record!

Ant Group owns Alipay, considered the world's most valuable unicorns. Earlier, the company had claimed how the listing would assist in the acceleration of the company's goal of "digitizing the service industry in China'', which they believe would also drive domestic demand.

Also read:&nbsp;<a href="http://13.235.153.162/india-news/jack-ma-summon-petitioners-lawyer-seeks-stay-on-disposal-of-uc-browsers-assets-in-india-316258" hreflang="en">Jack Ma summon: Petitioner's lawyer seeks stay on disposal of UC Browser's assets in India</a>

Ant's Executive Chairman Eric Jing had earlier asserted the importance of becoming a public company, saying it would "enhance transparency to stakeholders'' that include customers, business partners, and employees.

Ant enjoys the backing of Alibaba, the Chinese e-commerce giant, which was founded by Jack Ma, who owns 33 per cent of Ant's shares.&nbsp;

Alibaba had one of the largest IPOs in history amounting up to $25 billion valuation. Currently, the company's market capitalisation has grown to over $831 billion.

Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history.

Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history. According to RT, the Ant Group is expected to raise $34.5 billion as part of its dual listing. This was based on the price of its shares on Monday. Jack Ma says that this would make Ant Group the largest listing in "human history", and hailing outside of New York City. Also read: Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest “It’s the first time that the pricing of such a big listing — the largest in human history — has been determined outside New York City,” the Chinese billionaire said, as reported by RT. Further calling it a "miracle", the billionaire said that he couldn't have fathomed this three-five years ago. “We didn’t dare to think about it five years ago, or even three years ago”, he said. Aramco's $29.4 billion listing in December 2020 set the world record. The Ant Group's dual listing worth $35 would break this record! Ant Group owns Alipay, considered the world's most valuable unicorns. Earlier, the company had claimed how the listing would assist in the acceleration of the company's goal of "digitizing the service industry in China'', which they believe would also drive domestic demand. Also read: Jack Ma summon: Petitioner's lawyer seeks stay on disposal of UC Browser's assets in India Ant's Executive Chairman Eric Jing had earlier asserted the importance of becoming a public company, saying it would "enhance transparency to stakeholders'' that include customers, business partners, and employees. Ant enjoys the backing of Alibaba, the Chinese e-commerce giant, which was founded by Jack Ma, who owns 33 per cent of Ant's shares. Alibaba had one of the largest IPOs in history amounting up to $25 billion valuation. Currently, the company's market capitalisation has grown to over $831 billion.

Ant Group's IPO listing will be the largest in history, claims Jack Ma

A tearful Jack Ma formally left Alibaba on Tuesday, donning a guitar and a rock star wig at an event for thousands of employees of the <a href="https://www.wionews.com/world/jack-mas-669-advice-to-alibaba-employees-have-sex-six-times-in-six-days-218815">e-commerce giant he founded 20</a> years ago in a small shared apartment in Hangzhou city in eastern China.

During a four hour celebration in an 80,000-capacity stadium, <a href="https://www.wionews.com/world/watch-jack-ma-vs-elon-musk-tech-tycoons-spar-on-future-of-artificial-intelligence-246400">Alibaba's billionaire executive </a>chairman delivered on his promise of a year ago to hand over to CEO Daniel Zhang.

Costumed performers, some dancing to dubstep music and dressed in traditional Chinese dress, and singers paid tribute to Ma's reputation for dressing up and performing at big events, entering to a parade of floats representing Alibaba divisions such as shopping site Tmall and payment service Ant Financial.

"After tonight I will start a new life. I do believe the world is good, there are so many opportunities, and I love excitement so much, which is why I will retire early," Ma told guests and employees.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/jack-ma-bid-farewell-to-the-alibaba-group-with-a-rock-star-swagger-248987/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Ma was spotted at one point welling up with tears as staff put on skits and sang songs, prompting the topic "Jack Ma has cried" to trend on Chinese social media platform Weibo.

Toward the end of the ceremony, Ma, co-founder Lucy Peng, and CEO of Alibaba's technology committee Wang Jian donned rock star-style leather jackets and wigs to perform Chinese pop songs. They were joined by co-founder Joe Tsai dressed in Marilyn Monroe style white dress and a blonde wig.

Zhang, also clad in rock star garb, then delivered a solo, having earlier said that Alibaba would keep investing in areas such as cloud computing.

Ma's exit comes as Alibaba has grown to become Asia's most valuable listed company, with a market capitalisation of $460 billion. It employs over 100,000 people, and has expanded into financial services, cloud computing and artificial intelligence.

The company also said on Tuesday that it had adopted six new core values, among which one was a pledge to "respect the work-life balance decisions of every individual", marking a step away from Ma's recent comments urging tech company employees to work nights and weekends, which sparked a nationwide debate.

Ma also told attendees that he hoped to see Alibaba shoulder more responsibility to improve society amid the sweeping changes brought about by technologies like big data and 5G.

"It is not easy to be a strong company, but it is more difficult to be a good company," he said. "A strong company is determined by its commercial ability, while a good company is responsible and kind."

A tearful Jack Ma formally left Alibaba on Tuesday, donning a guitar and a rock star wig at an event for thousands of employees of the e-commerce giant he founded 20 years ago in a small shared apartment in Hangzhou city in eastern China.

A tearful Jack Ma formally left Alibaba on Tuesday, donning a guitar and a rock star wig at an event for thousands of employees of the e-commerce giant he founded 20 years ago in a small shared apartment in Hangzhou city in eastern China. During a four hour celebration in an 80,000-capacity stadium, Alibaba's billionaire executive chairman delivered on his promise of a year ago to hand over to CEO Daniel Zhang. Costumed performers, some dancing to dubstep music and dressed in traditional Chinese dress, and singers paid tribute to Ma's reputation for dressing up and performing at big events, entering to a parade of floats representing Alibaba divisions such as shopping site Tmall and payment service Ant Financial. "After tonight I will start a new life. I do believe the world is good, there are so many opportunities, and I love excitement so much, which is why I will retire early," Ma told guests and employees. Watch Video: Ma was spotted at one point welling up with tears as staff put on skits and sang songs, prompting the topic "Jack Ma has cried" to trend on Chinese social media platform Weibo. Toward the end of the ceremony, Ma, co-founder Lucy Peng, and CEO of Alibaba's technology committee Wang Jian donned rock star-style leather jackets and wigs to perform Chinese pop songs. They were joined by co-founder Joe Tsai dressed in Marilyn Monroe style white dress and a blonde wig. Zhang, also clad in rock star garb, then delivered a solo, having earlier said that Alibaba would keep investing in areas such as cloud computing. Ma's exit comes as Alibaba has grown to become Asia's most valuable listed company, with a market capitalisation of $460 billion. It employs over 100,000 people, and has expanded into financial services, cloud computing and artificial intelligence. The company also said on Tuesday that it had adopted six new core values, among which one was a pledge to "respect the work-life balance decisions of every individual", marking a step away from Ma's recent comments urging tech company employees to work nights and weekends, which sparked a nationwide debate. Ma also told attendees that he hoped to see Alibaba shoulder more responsibility to improve society amid the sweeping changes brought about by technologies like big data and 5G. "It is not easy to be a strong company, but it is more difficult to be a good company," he said. "A strong company is determined by its commercial ability, while a good company is responsible and kind."

Jack Ma bids tearful farewell to Alibaba with rock star swagger

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Chinese tech giant Alibaba names new CEO, chairman

China's Alibaba fires manager accused of sexually assaulting employee as social media explodes

Alibaba's Jack Ma no longer richest in China after tiff with regulators over anti-trust issues

Ant Group's IPO listing will be the largest in history, claims Jack Ma

Jack Ma bids tearful farewell to Alibaba with rock star swagger