China’s Alibaba names Daniel Zhang new CEO

China’s e-commerce giant Alibaba Group on Thursday named Daniel Zhang, currently Chief Operating Officer, CEO of the group, effective on 10 May 2015.

Current CEO Jonathan Lu will remain on the board of directors of Alibaba Group as Vice Chairman. He will work with Daniel to ensure a successful transition in the coming months.

“In this capacity Jonathan will play an important role in developing future leaders of Alibaba Group. This role is especially important as Alibaba Group continues to build the necessary talent to enable the company to grow and thrive in a rapidly changing environment,” the Chinese largest e-commerce company said in a statement.

Daniel Zhang has been with the company for eight years and has held top management positions across the organization. He is also one of the founding members of the Alibaba Partnership. Zhang has been Alibaba’s chief operating officer since September 2013. In his role as COO, he oversaw the operations of all Alibaba Group businesses in China and internationally.

Zhang first joined the company as Chief Financial Officer of Taobao Marketplace in August 2007. In 2008, he was appointed Chief Operating Officer of Taobao Marketplace and general manager of Taobao Mall.

Under his leadership, Taobao Mall rapidly became one of Alibaba’s most important businesses and was highly recognized by consumers and brands in China and around the world. In 2011, he was named president when it first became an independent business unit, Tmall.com, which has become one of world’s largest online B2C platforms. Zhang was also a key architect of the 11 November Shopping Festival, and led it to become the world’s largest online shopping event.