Chinese tech giant Alibaba names new chairman and CEO in major shakeup

Chinese tech giant Alibaba is replacing Daniel Zhang as chairman and CEO as the company undergoes the biggest shakeup in its history. Joseph Tsai, executive vice chairman and a co-founder of Alibaba (BABA), will succeed Zhang as chairman, the company said Tuesday. Eddie Wu, chairman of e-commerce unit Taobao and Tmall Group, will succeed Zhang as chief executive officer.