Alibaba Group Upsizes Share Repurchase to US$25 Billion from US$15 Billion, Appoints New Independent Director to Board
22 März 2022 - 1:00AM
Business Wire
Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988, the
“Company”) today announced that the Company’s board has authorized
to upsize its share repurchase program to US$25 billion from US$15
billion (the “Share Repurchase Program”), in a sign of confidence
about the Company’s continued growth in the future. The Company
also announced that Weijian Shan, executive chairman of investment
group PAG, was appointed as an independent director to the
Company’s board.
The Share Repurchase Program will be effective for a two-year
period through March 2024. As of March 18, 2022, the Company had
purchased a total of 56.2 million American depositary shares under
the previously announced share repurchase program, for a total
consideration of approximately US$9.2 billion.
Shan’s appointment as an independent director will be effective
March 31, 2022, and he will serve on the board’s audit committee.
B�rje Ekholm, President and Chief Executive Officer of the Ericsson
Group, will retire from the Company’s board on March 31, 2022.
Ekholm has served as an independent director on the Company’s board
since June 2015.
“We are truly grateful to B�rje for his invaluable commitment
and contributions to the Alibaba board over the past six years,”
said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba
Group. “Weijian is a trusted leader in the global financial
industry who has been an active facilitator for greater
understanding between Asia and the rest of the world throughout his
extraordinary career. I believe Alibaba will benefit greatly from
his deep knowledge across different industries and global
perspective.”
“I have been deeply impressed with the growth and achievements
of Alibaba, and with how it has positively changed the lives of so
many consumers and businesses in China and elsewhere. It served
about 1 billion consumers in China and 300 million around the world
in 2021 alone. I feel honored to be invited by the board to serve
as an independent director. I look forward to contributing the
little I know to help the Company achieve its long-term goals,”
said Shan.
“Alibaba is an incredible company and I continue to believe in
its future. I wish Daniel and the leadership team every success as
it remains focused on creating long-term value for its
stakeholders. I have decided to step down from the board to devote
more time to Ericsson’s business,” said Ekholm.
About Weijian Shan
Weijian Shan is the executive chairman and a founder of PAG –
one of Asia’s leading independent alternative investment management
groups with more than US$50 billion in capital under management by
March 2022. He became PAG’s chairman and CEO and founded its
private equity business in 2010. Between 1998 and 2010, he was a
managing partner of the private equity firm Newbridge Capital (now
known as TPG Asia) and a partner of TPG. Shan was a managing
director of JP Morgan, where he was concurrently the chief
representative for China between 1993 and 1998. He was an assistant
professor of management at the Wharton School, the University of
Pennsylvania between 1987 and 1993. He also worked at the World
Bank in 1987 as a member of its Young Professionals Program.
Shan is a member of the International Advisory Council of Hong
Kong Exchanges and Clearing Limited. He served as an independent
director of Singapore-listed Wilmar International Limited between
2018 and 2021.
Shan is an author and occasional commentator. His books include
Money Games: The Inside Story of How American Dealmakers Saved
Korea's Most Iconic Bank (Wiley, 2020) and Out of the Gobi: My
Story of China and America (Wiley, 2019), which are also available
in Chinese and Japanese, in addition to English.
Shan holds an M.A. and a Ph.D. from the University of
California, Berkeley, and an M.B.A. from the University of San
Francisco. He graduated with a major in English from the Beijing
Institute of Foreign Trade (currently the Beijing University of
International Business and Economics).
About Alibaba Group
Alibaba Group’s mission is to make it easy to do business
anywhere. The Company aims to build the future infrastructure of
commerce. It envisions that its customers will meet, work and live
at Alibaba, and that it will be a good company that lasts for 102
years.
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version on businesswire.com: https://www.businesswire.com/news/home/20220321005909/en/
Media Contacts Liyan Chen Alibaba Group +1 515 864 1116
liyan.chen@alibaba-inc.com
Celia Chen Alibaba Group +86 136 9192 9481
celia.c@alibaba-inc.com
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