Alibaba has just ushered in its second CEO since Jack Ma stepped down exactly two years ago. Former Chief Operating Officer Daniel Zheng will take over from Jonathan Lu, who will remain on the board of directors of Alibaba Group as Vice Chairman according to a statement from the company.

At the same time, the company announced a 45% year-over-year revenue rise in its March quarter earnings report, exceeding expectations. Like other Chinese internet giants, mobile was a strong point, with a 352% increase in mobile driven e-commerce retail revenue compared to the same period in 2014.

The announcement comes barely a week after Jack Ma announced to staff that Alibaba would be freezing new hires for the rest of the year because the company was growing “too quickly.” Whether the CEO reassignment has anything to do with Ma’s efficiency woes is unclear. However, onlookers were quick to jump to conclusions last week, assuming the freeze would precede a poor earnings report.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com