Alibaba, the dominant player in the Chinese e-commerce market, has announced that Daniel Zhang will step down from his positions as CEO and group chairman.
As a result of this turn of events, he will carry on with his duties as CEO and chairman of Alibaba Cloud Intelligence Group, which is the computing services division of the company. In December of 2017, he took up the position.
Eddie Yongming Wu, the current chairman of Taobao and Tmall, will be promoted to the position of chief executive officer of Alibaba, while Joseph C. Tsai, the executive vice chairman of Alibaba, will assume the role of chairman.
The new policies will be implemented as of the 10th of September.
Zhang has been an employee of the company since 2007 and was promoted to the post of CEO in May of 2015.
A lot of restructuring measures at Alibaba were disclosed back in March, and this shakeup is the result of those efforts. With a strategy that was given the name “1+6+N,” the corporation decided to break itself up into six distinct business segments in order to seek standalone fundraising IPOs.
Within the following year, the company intends to separate Alibaba Cloud Intelligence Group and list it publicly.
The fourth quarter of the 2023 fiscal year was a very successful one for Alibaba, as evidenced by the company’s reporting of sales of US$30.3 billion and a net profit of US$3.2 billion.