Alibaba is bringing back two of Jack Ma’s longest-serving lieutenants to try and turn the company around
libaba 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.
Yale alumnus Tsai, a deal-maker well-liked among investors, is likely to play a significant role in handling markets and Alibaba’s most prominent backers. A former lacrosse athlete arguably best-known in America as the owner of the Brooklyn Nets, Tsai understands the business intimately: he was right beside Ma at Alibaba’s inception in a Hangzhou lakeside apartment in 1999.Wu, who was similarly with Ma from the very beginning, is a lesser-known quantity.
its third consecutive quarter of single-digit revenue growth, reinforcing concerns that a Chinese consumer spending rebound may be farther out than anticipated. “The good thing is that the new CEO and chairman are all co-founders of the company and are the closest to Jack Ma. That means Ma remains the spiritual leader of Alibaba,” said Kenny Wen, head of investment strategy at KGI Asia Ltd.
It remains to be seen whether Tsai and Wu will make tweaks to the original restructuring blueprint. Tsai, for one, has never shied away from making bold moves, whether it was quiting a $700,000-a-year job to bet on Ma, or crafting theAlibaba partnership structure that ensured board directors are chosen by a core group of original founders and veteran employees.
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