Chinese e-commerce and technology giant Alibaba has made a major leadership change, announcing that current executive vice chairman Joseph Tsai will take over as chairman and CEO, replacing Daniel Zhang in September. The decision comes as Alibaba aims to fully spin off its advanced cloud computing unit, and Zhang stated that it is “the right time” for him to step down.
Alibaba, headquartered in Hangzhou, is widely recognized as one of China’s most influential technology companies. Its diverse business operations encompass cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.
After the executive transition, Zhang will assume the role of chairman and CEO of Alibaba Cloud Intelligence Group, as per the company’s statement.
In recent years, Alibaba has encountered various challenges, particularly due to Beijing’s increased regulations on the domestic tech industry. These unprecedented headwinds have necessitated strategic adjustments within the company.
In late March, Alibaba unveiled a significant restructuring plan, announcing that it would divide into six distinct business groups. This move marked one of the most notable overhauls undertaken by a leading Chinese technology firm thus far.