Alibaba, the Chinese e-commerce giant, announced that Daniel Zhang will replace Jonathan Lu as chief executive, effective May 10, 2015. Zhang has been with the company for eight years. Lu will stay on the board of directors.
In the press release, the company also announced that Börje Ekholm has joined Alibaba’s board of directors as an independent director. Ekholm will also serve as a member of Alibaba’s Audit Committee. He currently serves as President and CEO of Investor AB of Sweden (worth $29.4 billion) and is the non-executive Chairman of NASDAQ OMX.