Alibaba Replaces CEO Jonathan Lu as Stock Plunges

Alibaba Group Holding Ltd., which has lost about $70 billion in market value since November, replaced Chief Executive Officer Jonathan Lu.

He will be replaced by Daniel Zhang, who currently is chief operating officer at China’s biggest e-commerce company. The switch takes effect May 10.

Lu will remain vice chairman of Alibaba’s board of directors, the company said Thursday.

For more, read this QuickTake: China's E-Commerce Giant

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