Dive Summary:
- Alibaba Group Holding Ltd. has named Jonathan Lu as its new chief executive officer; the announcement comes during speculation that the company is preparing for an initial public offering.
- Jack Ma, the former CEO, said last year that the company could begin selling shares within five years, but it is unknown if his replacement will speed up that timeline despite rumors that an IPO could be offered as early as the end of this year.
- Lu has been with the company since 2000 and is the only senior executive with experience overseeing all of Alibaba's major divisions.
From the article:
“The fact that Lu was appointed to key positions in challenging times every time, shows that Jack Ma has a lot of faith in him,” said Wendy Huang, an analyst at CIMB Securities Ltd. in Hong Kong. The “market has been expecting an IPO before the end of the year.” ...
