Alibaba's CEO replaced

Jonathan LuREUTERS/Chance ChanJack Ma, founder of Alibaba Group, hugs Jonathan Lu, Alibaba during a celebration of the 10th anniversary of Taobao Marketplace, China’s largest consumer-focused e-commerce website, in Hangzhou, May 10, 2013.

“Alibaba names Daniel Zhang, currently COO, as CEO, replacing Jonathan Lu,” Leslie Picker reports for Bloomberg.

The shake-up comes as Alibaba is surging after beating earnings.

Lu became known as “the corporate alter-ego of [Alibaba founder Jack] Ma” because of his low-key style.

“We complement each other very well,” Lu told Bloomberg in 2013. “He looks forward and outside of the box, I focus on the present.”

The change will be effective Sunday.

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