Alibaba, the Chinese e-commerce group which launched IPO back in September, has decided to replace its CEO. According to a press release, and comments by Jack Ma, the founder and “face” of Alibaba, the Current CEO, Jonathan Lu, will be replaced by the Chief Operating Officer (COO), Daniel Zhang.

Jack Ma explained the decision to reporters, saying: “Daniel is a proven international business leader and innovator with a strong track record of delivering results… Alibaba Group has a strong and deep bench of talented executives who will help lead the company for the years to come. Today’s announcement reflects our commitment to continuing to develop strong leadership from within.”

Alibaba shares jumped 10% this morning during early trading in reaction to the announcement of the new CEO, and a stellar earnings report. Quarterly revenue of $2.81 billion was reported (a 45% rise year over year).

Former CEO, Jonathan Lu, will reportedly remain part of the Alibaba group, helping to train new recruits. Commenting on his working relationship with Ma, Lu said: “We complement each other very well. He looks forward and outside of the box, I focus on the present.”