Alibaba Group Holdings Appoints Goldman Sachs’ Former Executive As President
Alibaba appoints J. Michael Evans as the new President of the company, who was a former Vice Chairman at Goldman Sachs.Group Inc.
The e-commerce giant Alibaba has always been about providing a platform to the Chinese market to sell products amongst their 350 million online customers. Now the company wants the world as its customer so to achieve that their next step is to attract the international market to sell products to the Chinese market. In order to attain that, they have taken Michael Evans on board as the new President of Alibaba Group Holding LTD. His main aim is to invite and attract international vendors from outer China to their e-commerce group.
The former Vice Chairman has also been a part of Alibaba Group’s board since the initial public offerings (IPOs) in September last year. Mr. Evans, 58, has graduated from Princeton University and completed his Master’s Degree at Oxford University. He joined Goldman Sachs in 1994 and has served in this industry for almost 30 years. Mr. Evans has served as the Vice Chairman, Chairman of Asia and head of global growth markets at Goldman Sachs.Group Inc. until he retired in 2014. With his 30 year experience in the industry of connecting Goldman to the Chinese market and all around the world, the company found him best fit for the job. Michael Evans reports to new Chief Executive Officer (CEO) Daniel Zhang.
Alibaba Group, who is by far the leading e-commerce company in China has managed to acquire the Chinese market and has planned to gain every last penny from the Chinese customer, now they want to expand towards international market. They want their customers to be able to buy international brands via Alibaba. Evans responsibility and top priority is to build relationships with international and popular brands and vendors outside of China. He is expected; with the experience he possesses, to help Alibaba Group expand its business worldwide. Europe, Asia and America are the market they want to target next where the e-commerce giant will be able to gain millions of new customers from.
In the Wall Street Journal, the company’s founder and executive Chairman Jack Ma stated that cross border purchases in China have grown from $2 billion to around $20 billion from 2010. He added that the middle class Chinese consumers are interested in purchasing goods globally. According to CEO Daniel Zhang, the most key strategy for the next ten years for Alibaba is globalization, which they will do by helping 10 million businesses and attaining 2 billion customers worldwide. In a statement Mr. Evans stated that he was honored and excited to be leading Alibaba Group’s international growth strategy and that he looks forward to working with Daniel Zhang and his team at Alibaba Group.