Alibaba Shares Jump as Chinese E-Commerce Giant Replaces CEO
(Bloomberg) -- Daniel Zhang, chief operating officer of Alibaba Group Holding Ltd., talks about the e-commerce operator's long-term business strategy, relationship with the Chinese government and share performance, and China's economy. Zhang will become Alibaba's chief executive officer on May 10, replacing Jonathan Lu who will remain on the board as vice chairman. Zhang speaks with Emily Chang on Bloomberg Television's "In the Loop." (Source: Bloomberg)
Alibaba Group Holding Ltd. shares surged after China’s biggest e-commerce company named a new chief executive officer and posted a 45 percent increase in revenue.
Daniel Zhang will become CEO on May 10, replacing Jonathan Lu, who will remain on the board as vice chairman, the company said Thursday. The change was announced as Alibaba’s sales rose to 17.4 billion yuan ($2.8 billion) in the three months through March, beating analysts’ estimates.