Despite the share price surge – the biggest intraday increase since September – the shares are still far below the $119.15 they hit in a post flotation high in November.
Jack Ma, Alibaba’s billionaire founder, said: “Daniel is a proven international business leader and innovator with a strong track record of delivering results.
“He has the confidence of our entire management team, and there is no better person to lead Alibaba Group as we embark on the next stage of our growth on top of the strong foundation that Jonathan helped build.”