Alibaba announced that current chairman and CEO Daniel Zhang will step down in September and be replaced by current executive vice chairman Joseph Tsai.
- Zhang said it was “the right time” for him to step down as the firm looks to spin off its cloud computing unit.
- Alibaba is one of China’s largest technology companies with businesses in e-commerce, cloud computing, logistics and more.
- Following the executive transition, Zhang will continue as chairman and CEO of Alibaba Cloud Intelligence Group.
- Alibaba has faced challenges in recent years as Beijing imposed tighter restrictions on Chinese tech companies.
- In March, Alibaba announced plans to split into six business groups, representing one of the most significant Chinese tech company overhauls to date.