Alibaba names Eddie Wu as new CEO, Joseph Tsai appointed Chairman

Alibaba Group on Tuesday said that Eddie Wu will succeed Daniel Zhang as the CEO in a surprise succession announcement. Wu is one of Alibaba's co-founders and currently serves as the Chairman of Taobao and Tmall Group. Alibaba's Executive Vice Chairman Joseph Tsai will succeed Zhang as the group's Chairman, the company said. The appointments will take effect in September.