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Daniel Zhang becomes Alibaba CEO as Q1 revenues lift 45%
2015-05-07 14:26:00| Telecompaper Headlines
(Telecompaper) Chinese e-commerce group Alibaba said that Daniel Zhang, currently its COO, will become the group's new CEO from 10 May. Jonathan Lu, the current CEO, will stay on to ensure a successful transition and remain on the board of directors as vice chairman. The announcement comes as Alibaba reports a strong first quarter, with gross merchandise volume (GMV) growing 40 percent from the year before and the number of annual active buyers lifting 37 percent to 350 million. Around 289 million monthly active users used the company's e-commerce apps in March, while mobile GMV reached USD 49 million. Revenues for the quarter lifted 45 percent year-on-year to CNY 17.42 billion, with mobile revenue jumping 352 percent to CNY5.24 billion. Total GMV transacted on Alibaba's China retail marketplaces amounted to CNY 600 billion, up 40 percent from the year earlier on the back mainly of more active buyers. GMV transacted on Taobao advanced 29 percent to CNY 381 billion. On Tmall, GMV rose 62 percent to CNY 219 billion.
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Category:Telecommunications