BEIJING (dpa-AFX) - In a recent memo to employees, Jack Ma, the founder of Alibaba Group Holding Ltd. (BABA), commended the company's reorganization and changes made over the past year.
Ma praised the transformation of the company into a more efficient and market-oriented organization, highlighting the efforts made to overcome the 'big-company disease' and become a 'simple and agile' entity that prioritizes efficiency and the market. The overhaul aimed to rejuvenate the Chinese tech giant by splitting it into six different business units.
Ma acknowledged the past mistakes of the company and emphasized the importance of learning from them to navigate future challenges responsibly. The memo also noted significant management changes, including Daniel Zhang's resignation as CEO and the subsequent appointment of Eddie Yongming Wu as CEO and Joe Tsai as chairman. Ma praised both Tsai and Wu for their 'future-oriented transformations.'
Alibaba has canceled the initial public offerings of its cloud division and logistics unit, illustrating a shift in strategic direction. Ma's reemergence and positive remarks for the new leadership team come at a crucial time for Alibaba employees. The memo, seen as a morale booster, commended the team's resilience amid internal and external pressures.
Despite stepping down from his executive chair role in 2019, Ma's influence and support within the company remain strong, reflected in the surge of Alibaba shares following his message.
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