Alibaba's CEO replaced

Posted online May 7, 2015 | 6:42 am

Chinese e-commerce company Alibaba announced Chief Operating Officer Daniel Zhang will replace Jonathan Lu as CEO.

Business Insider reports Lu may be out because he lost confidence in the company's founder and chairman, Jack Ma.

During Lu's tenure as CEO, the company launched a successful initial public offering, which the largest in history by raising $21.8 billion.

Read more from Business Insider.

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