Alibaba Invests Into The Future
Posted: May 14, 2015.
ALIBABA ANNOUNCES NEW CEO AND TO INVEST IN YOUNG LEADERS.
Alibaba Group (which developed Alipay), has announced May 7 in NYC that CEO Jonathan Lu will be replaced by COO Daniel Zhang from Sunday. Lu will remain on the management board. Zhang has been a key person behind Alibaba's Tmall 11.11 Singles' Day which is now the world's biggest single e-commerce event.
Zhang told Bloomberg television that Alibaba was looking to bring in a younger generation of leaders.
”The leaders of the company's key business units were born in the 1970s. We also are trying to bring more and more 1980s, 1985, 1990s young generations to the middle-class level, finally to the leadership level," stated Zhang. "We believe this will be the foundation for our future growth."
Alibaba’s revenue surged 45% in the 1st quarter of 2015 however profit margins are lower compared to same period last year.
Click here to read original article “Business Insider”