Alibaba names new CEO

New York -- Alibaba Group Holding Limited on Thursday announced that its CEO, Jonathan Lu, will step down and will be replaced by COO Daniel Zhang, effective May 10. Lu will remain on the company's board as vice chairman.



Zhang has been with the Chinese e-commerce giant for eight years and has served in a variety of top management positions. He was named COO in September 2013 and oversees operations of all Alibaba Group businesses in China and overseas. Zhang was a key architect of the company’s November 11 shopping event known in China as “Singles Day," which it claims is the world's largest online shopping event.



"I'm excited to take on this new challenge. It is an immense responsibility, and I'm grateful to every member of the Alibaba team for their commitment and dedication to excellence," Zhang said in a statement.



The change at the top occurs as the company deals with increased competition, slowing growth and increased criticism at home about its business practices.



As chief executive, Lu presided over the company's initial public offering in September, when it raised a record $25 billion. However, Alibaba has lost more than $70 billion in market value since November.



“I am grateful to Jonathan Lu for his excellent leadership and management over the past several years, and I look forward to his continued contribution as a key leader in helping Alibaba Group train and develop the next generation of leaders," executive chairman Jack Ma said in a statement.