China-based e-commerce giant Alibaba has started to implement its restructuring plan. In a statement from the company, it was stated that Alibaba CEO and chairman of the board, Daniel Zhang, will step down from both positions.
Alibaba co-founder Eddie Wu will replace Zhang as CEO. The chairman of the board will be Joseph Tsai, another co-founder and current vice chairman. It is reported that both appointments will come into effect on September 10, 2023.
Following this transition, Daniel Zhang will head the Alibaba Cloud Intelligence Group, which will include cloud business and artificial intelligence development, in line with Alibaba’s restructuring plan to divide the company into six business groups.
“It would not be appropriate for me to continue other tasks”
Initially, Zhang was expected to continue in other management positions during this period, but the experienced executive said in a message to employees that it was “time to fully dedicate himself to the cloud business.”
Zhang said it would not be appropriate for him to remain in his other duties during the restructuring, as there must be a “clear separation” between the spun-off companies and the Alibaba board as a whole.
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