Jack Ma’s Lieutenants Return to Oversee Tough Alibaba Reboot
- Alibaba has struggled to re-attain its pre-crackdown heights
- It raises questions surrounding the upcoming restructuring
Alibaba Group Holding Ltd. is bringing back two of Jack Ma’s longest-serving lieutenants to try and turn around a company that’s struggled to regain its footing since Beijing’s regulatory assault against the internet sector in 2021. Yet investors remain uncertain what they can do to restore an icon of Chinese private enterprise to its former glory.
Alibaba surprised markets by declaring Eddie Wu and Joseph Tsai will replace eight-year veteran CEO Daniel Zhang at the helm. Both men are business heavyweights of their generation, credited with steering the technology and strategy that underpinned China’s erstwhile most valuable corporation — before Xi Jinping’s tech crackdown obliterated growth across swaths of the industry and nixed once-aggressive expansion plans.