Alibaba Chairman Daniel Zhang Exits Second Board In Two Weeks

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Less than two weeks after leaving the board of directors at troubled Beijing ride-sharing app Didi Global, Alibaba Group chairman Daniel Zhang is stepping down from the board at Weibo, a social media company known as “China’s Twitter”. .

According to the company’s announcement on Tuesday, Zhang left Weibo’s board with effect from January 10.

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Didi said An announcement on 29 December That Zhang, who had an estimated net worth of $1 billion on the 2021 Businesshala billionaires list, had resigned.

Zhang will be replaced by Pen Hung Tung, chief marketing officer of Alibaba Group at Weibo. Prior to joining Alibaba in 2016, he was CEO of VML China and Vice President of Marketing for PepsiCo China. Tung holds a master’s degree in industrial engineering from the University of Michigan in Ann Arbor. Zhang was replaced on Didi’s board by Yi Zhang, senior legal advisor to Alibaba Group.

Zhang’s hands are certainly full at Alibaba. US-traded shares of the Chinese internet heavyweight have lost more than 40% of their value in the past year amid changes in Chinese government policies on data-sharing and foreign stock listings. Weibo’s US-traded shares are down about 18% during the same period. Both Alibaba and Weibo also trade on the Hong Kong Stock Exchange.

DiDi, listed on the New York Stock Exchange, has lost nearly two-thirds of its IPO price from $14 last June. DiDi chairman Will Cheng is still on the Businesshala real-time billionaires list with a net worth of $1.5 billion.

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