Daniel Zhang to step down as Alibaba CEO in management shake-up

Daniel Zhang to step down as Alibaba CEO in management shake-up

THE WHAT? Alibaba is set to replace CEO Daniel Zhang with Eddie Yongming Wu, according to a report published by the Financial Times. The leadership change will take place in September.

THE DETAILS The Chinese e-commerce giant has named Co-Founder and Vice Chair Joseph Tsai as Chair of the Board.

THE WHY? Alibaba is poised to break up its sprawling tech empire into separate businesses, spinning off its cloud unit and pursuing separate listings for its logistics and grocery businesses; Zhang will head up the cloud division. In a statement seen by the Financial Times, Zhang explained, “This is the right time for me to make a transition, given the importance of Alibaba Cloud Intelligence Group as it progresses towards a full spin-off.”

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