Alibaba Names Tsai Chairman, Wu CEO in Surprise Shake-Up

Alibaba Group Holding Ltd. is replacing eight-year veteran chief Daniel Zhang at the helm of a Chinese e-commerce leader bleeding market share and struggling to revive growth in the post-Covid era.

Executive vice chairman Joseph Tsai, a longtime confidant of billionaire co-founder Jack Ma, will take Zhang’s position as the chairman of the board. Eddie Wu, now chairman of Alibaba’s core Taobao and Tmall online commerce divisions, will take…