In an exclusive memo to Alibaba employees, cofounder Jack Ma expressed his admiration for the company’s new CEO Eddie Wu and Chairman Joe Tsai. Despite facing numerous challenges and pressures throughout the year, Ma witnessed the growth of a strong and courageous team within the company.
The e-commerce giant had gone through a tumultuous year that included major changes, with Alibaba Group being divided into six new groups in March 2023. Additionally, Eddie Wu was appointed as CEO. While praising the restructuring efforts, Ma emphasized the importance of addressing past issues and making reforms for the future, especially in light of challenges from the Chinese government, antitrust fines, and increasing competition in the e-commerce sector.
Over the past few years, Alibaba has faced stiff competition from successful rivals in the Chinese e-commerce market. In a previous memo to his employees, Ma congratulated PDD Holdings on becoming Temu’s parent company just one day before surpassing Alibaba in market value. Although he had initially planned to sell his shares in Alibaba, Ma reversed course and began buying more in Q4 of 2023 at an estimated $50 million according to The Wall Street Journal.
