Alibaba's current chief executive Daniel Zhang will be replaced, the company announced, amid a major management shuffle in an effort to promote its cloud intelligence services.
Alibaba Group has announced a major management reshuffle aimed at spurring growth at a time when the Chinese economy is slowing.announced that Eddie Wu, chairman of its e-commerce group, will succeed Daniel Zhang as CEO, according to a company statement.
"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," Zhang said in a statement.The company said in a statement that its current executive vice chairman, Joseph Tsai, is to succeed Daniel Zhang as chairman of the Alibaba Group.
Zhang will be CEO and chairman of Alibaba’s cloud computing unit, which has been approved to be spun off and is expected to be listed for trading within a year. Alibaba's current executive vice chairman, Joseph Tsai, is to succeed Zhang as chairman of the Alibaba Group. The logo of Alibaba Group is lit up at its office building in Beijing, China.
Zhang added: "I look forward to working closely with Joe and Eddie in the coming months to ensure a seamless transition."
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