Alibaba Group Chairman Tsai Chongxin issued a letter to all employees announcing that the handover of the group's management positions had been completed as planned on the same day. He will take over as chairman of the group's board of directors, and Wu Yongming will serve as group CEO. This means that Alibaba has completed the second institutionalized handover of the company's management positions, and the self-reform initiated in March this year has progressed rapidly and smoothly.
With Ali’s new 1+6+N business cluster basically taking shape, Ali’s “most important change in 24 years” is bringing new changes to the company. Tsai Chongxin wrote in the letter to all employees: "Wu Yongming and I will stick to our mission and vision together with all Alibaba people, and welcome the next stage of development together."
In the letter, Tsai Chongxin reviewed several orderly successions of management in the company's development history, "Four years ago today, Mr. Ma handed over the baton of chairman of the board of directors to CEO Xiaoyaozi (Zhang Yong), starting the first step in the inheritance system of a company that hopes to last a hundred years. Four years later, Xiaoyaozi handed the baton to Wu Yongming and me to continue Alibaba's inheritance system."
Alibaba has also become the first Internet technology company in China to complete the construction of its inheritance system through two rounds of management handovers. Over the past 24 years, Alibaba has been good at promoting the company's leapfrog development through self-reform. This promotion of the institutional inheritance of management also stimulates innovation and change in the future, promotes the emergence of management talents, and provides momentum for the company's sustainable and healthy development.
Alibaba said that institutionalized inheritance is an important foundation for the company's steady development and the source of strength for the company's innovative development. This handover of the baton is not only the handover of management positions, but also the inheritance of a system, which is the foundation for Alibaba to reach 102 years. We believe that the new management team can bring new vision and new growth to the company, lead Alibaba to discover and promote new technologies, incubate more innovation possibilities, and create greater value for society.
On behalf of Alibaba Group, Tsai Chongxin, using the words "remarkable achievements", spoke highly of and thanked Zhang Yong for his efforts and contributions to the company in the past 16 years: Zhang Yong created the Double 11, a well-known global consumer carnival, led the rapid development of Tmall and promoted the trend of comprehensive Internetization of brand enterprises, led the team to successfully transition Alibaba into the wireless era, and led the group to deploy in multiple fields and globally. Tsai Chongxin specifically mentioned that after Zhang Yong took over as chairman of the group's board of directors four years ago, he faced many challenges such as fighting the epidemic and drastic changes in the external business environment. He led Ali to stabilize the market and overcome one difficulty after another.
In addition, in view of the fact that this round of reforms has basically taken shape and has achieved initial results, Alibaba’s board of directors accepted Zhang Yong’s request to step down as chairman and CEO of Alibaba Cloud. From now on, Alibaba Cloud’s chairman and CEO will be concurrently served by group CEO Wu Yongming. Alibaba Group will invest US$1 billion to support Zhang Yong in setting up a future-oriented technology fund to "assist Alibaba in its future technology layout and create a better ecological environment."
The following is the full text of Tsai Chongxin’s letter to all Alibaba employees on September 10:
Dear Alibaba people,
In accordance with Alibaba Group's announcement on June 20, we officially completed the handover of group management positions today, with me taking over as chairman of the group and Wu Yongming as group CEO. Four years ago today, Mr. Ma handed over the baton of chairman to CEO Xiaoyaozi, starting the first step in the inheritance system of an enterprise that is expected to last a hundred years. After four years, Xiaoyaozi handed over the baton to Wu Yongming and me to continue Ali’s inheritance system. As Mr. Ma said four years ago, this is not only the handover of management positions, but also the inheritance of a system and the foundation for our 102nd anniversary. Wu Yongming and I will stick to our mission and vision together with all Alibaba people, and welcome the next stage of development together.
I am particularly grateful to Xiaoyaozi for his past efforts and contributions to Alibaba. He has made outstanding achievements in the 16 years since he joined Alibaba. He created Double Eleven, a well-known global consumer carnival, led the rapid development of Tmall and promoted the trend of comprehensive Internetization of brand enterprises, led the team to successfully transition Alibaba into the wireless era, and led the group to deploy in multiple fields and globally. In the past four years, since Xiaoyaozi took over as chairman of the group, he has faced many challenges such as fighting the epidemic and drastic changes in the external business environment. He has led Ali to stabilize the market and overcome one difficulty after another.
In March of this year, in order to better face the future, the company launched the largest 1+6+N organizational change in 24 years. With the joint efforts of Xiaoyaozi and his team, the entire transformation has been steadily advancing while all businesses have continued to develop. So far, this transformation has basically taken shape and achieved initial results, laying an important foundation for the next stage of the company's development. With the smooth transition of the reform, Xiaoyaozi proposed to the group that he would step down as chairman and CEO of Alibaba Cloud. After careful consideration, the group's board of directors respects Xiaoyaozi's decision and appoints group CEO Wu Yongming to concurrently serve as chairman and CEO of Alibaba Cloud, effective immediately. Xiaoyaozi will change the way and continue to work hard with us in Alibaba to welcome future development. The group decided to invest US$1 billion to support Xiaoyaozi in setting up a future-oriented technology fund to assist Alibaba in building a better ecological environment for its future technology layout.
In order to thank Xiaoyaozi for his huge efforts and outstanding contributions to the development of the company, after discussion among Ali partners, it was decided to award Xiaoyaozi the first honorary title of "Meritorious Ali Person" in Ali's history!
would also like to wish Alibaba a happy 24th birthday! Alibaba people, come on!
Alibaba Group Chairman Joe Tsai
2023.9.10
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