Daniel Zhang stepped down as chairman of Tmall and Taobao, and dai shan, a senior female executive, took over.

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Recently, Daniel Zhang, chairman of the board of directors and chief executive officer of Alibaba Group, has changed his position and is no longer the legal representative and chairman of Zhejiang Tmall Technology Co., Ltd. and Taobao (China) Software Co., Ltd., and is replaced by Dai Shan, the head of Taobao Tmall business. Ali responded to the media that this is a normal industrial and commercial change.

Earlier, Jiang Fan, another senior executive of Alibaba, has been formally responsible for the overseas digital business sector and no longer serves as the legal representative of Zhejiang Taobao Network Co., Ltd. and Zhejiang Tmall Network Co., Ltd.

Since last year, Ali's stock price has been weak, and the affiliates of Buffett's friend Munger, the "god of stocks", have reduced their holdings at a loss after heavy positions. To demonstrate the Group's confidence in the continued growth of the future, Alibaba announced in late March that the size of the share repurchase program will increase from US$15 billion to US$25 billion, setting a new record for the scale of Chinese share repurchases.

Daniel Zhang stepped down as chairman of Tmall and Taobao, and Dai Shan took over the baton

On April 24, tianyancha information change records show that Daniel Zhang, the legal representative and chairman of Zhejiang Tmall Technology Co., Ltd. and Taobao (China) Software Co., Ltd., has stepped down and is taken over by Dai Shan, the head of Taobao's Tmall business. Ali responded to the media that this is a normal industrial and commercial change.

As the helmsman of Ali who took over the baton from Ma Yun's hands, the most widely known "achievement" of Daniel Zhang is the "Double 11" online shopping festival he led and planned, which became a phenomenon-level commercial event as soon as it was launched, and Daniel Zhang was also known as the "father of Double 11". According to the official website of Alibaba Group, Daniel Zhang is currently the chairman and CEO of the group and has served in the company for nearly 15 years.

It is reported that from August 2007 to June 2011, Daniel Zhang served as the chief financial officer of Taobao. Since August 2008, Daniel Zhang has also served as the general manager of Tmall, and in June 2011, after Tmall became an independent platform, he became the president of Tmall. Daniel Zhang served as Chief Operating Officer of Alibaba Group from September 2013 to May 2015 and as a member of the Board of Directors since September 2014. Since May 2015, Daniel Zhang has served as Group Chief Executive Officer and in September 2019 as Chairman of the Group's Board. Daniel Zhang is also a founding partner of Alibaba Group.

In terms of education experience, Daniel Zhang holds a bachelor's degree in finance from Shanghai University of Finance and Economics and has been engaged in financial management for a long time. Prior to joining Alibaba, Daniel Zhang served as Chief Financial Officer of Shanda Interactive Entertainment Co., Ltd., an online game developer and operator, from September 2005 to August 2007. From 2002 to 2005, Daniel Zhang was a Senior Manager in the Audit and Corporate Advisory Department of PricewaterhouseCoopers Shanghai.

It is worth noting that Dai Shan, who took over the baton Daniel Zhang, has a deep experience in Alibaba and is currently the president of the group's domestic digital business sector. Dai Shan, who holds a bachelor's degree in engineering from Hangzhou Institute of Electronics Industry, joined Alibaba in 1999 as one of the founders of the company, and has served as the president of the domestic digital business sector since January 2022, in charge of Taobao (including Taobao, Tmall, Alimama), B2C retail (Tmall International, Tmall Supermarket, Tmall Luxury), Taocaicai, Taote and domestic trade 1688.com. From the beginning of 2017 to the end of 2021, Dai Shan served as the president of the Industrial E-commerce (formerly known as the B Series) business group, which included Alibaba International, 1688.com, AliExpress, Taote and Digital Agriculture, and she also served as the president of the community e-commerce business group from March to December last year.

In addition, Dai Shan served as Alibaba's Chief Customer Service Officer from June 2014 to January 2017, and as Senior Vice President of Human Resources for Taobao and Alibaba International From 2009 to 2014, as well as Deputy Chief Talent Officer and Chief Talent Officer of the Group. From 2007 to 2008, Shan Dai was the general manager of Alibaba's International Trade Division. Prior to that, she was Vice President of Human Resources at Yahoo, China, and the first General Manager of Alibaba Guangzhou, where she was responsible for direct sales, telemarketing, marketing and human resources in Guangdong Province. From 2002 to 2005, Dai Shan served as the senior sales director of China Chengxintong.

Jiang Fan has stepped down from Taobao to take charge of the overseas digital business sector

In addition, Jiang Fan, another senior executive of Alibaba Group, also underwent a job change this spring. At the beginning of this year, Jiang Fan was officially responsible for Ali's "overseas digital business sector", and the big Taobao he was in charge of before was also taken over by Dai Shan. According to the information in early April, Jiang Fan no longer serves as the legal representative, chairman and general manager of Zhejiang Taobao Network Co., Ltd. and Zhejiang Tmall Network Co., Ltd., and no longer serves as the legal representative and chairman of Alibaba Xunxi (Hangzhou) Digital Technology Co., Ltd.

According to the company's public information, Jiang Fan has served as the president of the overseas digital business sector since January this year, in charge of AliExpress, international trade (ICBU), Lazada and other overseas global businesses. Prior to his current position, from August 2013 to December 2017, Jiang Fan was responsible for Taobao's wireless business. Jiang Fan has served as president of Taobao since December 2017, president of Taobao and Tmall since March 2019, and president of Taobao, Tmall and Alimama since December 2019.

Fan Jiang holds a bachelor's degree in computer science and technology from Fudan University. Prior to joining Alibaba, he founded Youmeng in 2010 (acquired by Alibaba) and served as its CEO, with experience in product development at Google China.

Jiang Fan was once considered to be one of the future successors of Alibaba Group, but he fell into a marriage crisis two years ago. In April 2020, Jiang Fan's wife broke the news that Internet celebrity Zhang Dayi was suspected of having an inappropriate relationship with her husband, which quickly triggered heated discussions. Jiang Fan then posted on Alibaba's intranet, apologizing to the company and colleagues for the bad impact of online rumors, and asking the company to investigate him. Ali's final announcement of the results of the investigation showed that Ali's decision to invest in Zhang Dayi's affiliated company Ruhan E-commerce in 2016 had nothing to do with Jiang Fan; Jiang Fan did not have any interest transmission behavior towards the business activities of All Taobao and Tmall stores of Ruhan E-commerce and Zhang Dayi. However, the investigation team believes that Jiang Fan's improper handling of personal and family problems in important positions in the company has triggered a serious public opinion crisis and caused a major impact on the company's reputation. Ali issued a number of "fines", involving the cancellation of Ali's partner status, demotion, cancellation of all rewards in the previous fiscal year, etc.

In addition, in December 2020, Jiang Fan was identified as a high-level talent in Hangzhou, and due to the controversy caused by this matter, some netizens complained that Jiang Fan did not meet the relevant requirements. Subsequently, Jiang Fan was suspended as a high-level talent in Hangzhou.

Ali spent a lot of money to buy back shares, but Munger affiliates lost money to reduce their holdings

In recent years, the competition of Internet e-commerce platforms has been fierce, and alibaba group has faced a severe situation due to the influence of superimposed regulatory factors.

Since the fall of 2020, Alibaba's stock price has performed weakly overall. In October of that year, Alibaba's U.S. stock price hit an all-time high of $319.32, but as of April 22 this year, Alibaba's closing price had fallen to $86.49. In this case, the contrarian heavy position is under greater pressure, the most well-known is the "stock god" Buffett friend Munger.

Last year, Munger affiliate Daily Journal Corp significantly increased its stake in Alibaba. On April 11, the Daily Journal's position data filed with the U.S. Securities and Exchange Commission (SEC) disclosed that the company sold 302,060 Alibaba American Depositary Receipts (ADRs) in the first quarter of this year, reducing its holdings from 602,000 to 300,000, cutting Alibaba's investment position in half. Because the daily journal bought Alibaba ADR at a high level in the first quarter of last year, and then increased its position sharply, its loss may exceed 40%.

Nomura Oriental International Securities reported that since the end of March, due to the repeated epidemic situation in many provinces in China, the performance of Alibaba Group's domestic e-commerce business in the first quarter may be under pressure, mainly considering that due to the restrictions of the epidemic prevention and control policy, the receipt and dispatch of goods in the warehouse in the blockaded area has been suspended, which directly led to a serious delay or suspension of the delivery service. The report believes that domestic e-commerce platforms may further lower their business outlook for the second quarter in the future.

However, although the stock price performance is not ideal, some of Alibaba's financial data is still strongly supported. Alibaba Group's third quarter of fiscal 2022 performance report released in February pointed out that the company achieved revenue of 242.58 billion yuan in the quarter, an increase of 10% year-on-year, and net profit of 20.429 billion yuan, down 75% year-on-year. These declines were primarily due to increased investment in growth businesses, increased fees for user growth, and initiatives to support merchants.

On March 22, Alibaba Group announced that it will continue to expand its repurchase program from US$15 billion to US$25 billion (158.9 billion yuan), which will continue until the end of March 2024. The repurchase scale is the largest repurchase in Ali's history, and it also refreshes the record for the repurchase scale of Chinese stocks.

Editor: Wan Jianyi

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