Alibaba shares go up after quarterly report and CEO change

    On May 7, quarterly reports of Alibaba, China's largest e-commerce company , were published . After that, its shares went up by 7.5%. Investors were pleased with the results of the company. Alibaba sales increased 45%.

    Sales made through mobile devices grew by 350% compared to the same period last year. So, the share of mobile sales has now reached 40%.

    Alibaba also reported a major personnel reshuffle, reports Kommersant. Starting May 10, Daniel Zhang will take over as CEO. He previously served as COO. Among his achievements is the organization of Black Friday ( black friday) in the Chinese market. On this day (November 11), a sharp rise in sales was recorded.

    Moreover, Zhang made a great contribution to the development of the Tmail project for online trading in the international market. Thus, he made the company more famous and outside of China.

    “We very positively assess the appointment of Mr. Zhang to the post of CEO of Alibaba. Working in the company since 2007, he significantly promoted the company's operations by boosting sales on “Bachelor's Day” and through Tmall, thus proving that he was able to give a new impetus to all Alibaba operations, ”says Barclays analyst Alicia Yap.

    Former CEO Jonathan Lou will now work as vice president. At first, while the new CEO will be in the know, Zhang and Lu will work together.

    Alibaba will see several more staff shifts: Wang Jian will become technology director, Zeng Ming will be strategy director, Wang Shuai will be marketing director, and Shao Xiaofeng will become director of risk management.

    Alibaba founder Jack Ma approved a change in staffing.

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