In addition to his role as Group CEO, Wu will also serve as CEO of Alibaba's cloud computing unit, replacing Daniel Zhang. This comes as a surprise as Zhang had previously announced his intention to focus on the cloud division, which is planning an IPO by May 2024. The cloud unit, valued at $41 billion to $60 billion this year, is Alibaba's second-biggest revenue source and is among five units being spun off as part of the company's restructuring.
Key takeaways:
- New Alibaba Group CEO Eddie Wu has outlined the company's two main strategic focuses as being 'user first' and 'AI-driven'.
- Wu also plans to promote those born after 1985 and 1990 to form the core of its business management teams within the next four years.
- Alibaba is undergoing the biggest organisational restructure of its 24-year history, with Wu also serving as CEO of its cloud computing unit.
- The Cloud Intelligence Group, valued at $41 billion to $60 billion this year, is among five units Alibaba is spinning off as part of its restructuring.