Alibaba Group Chairman and CEO Daniel Zhang just announced that he will be resigning from his post to focus on being the CEO and chairman of the Alibaba Cloud Intelligence Group.
“It has been an incredible honor and privilege to lead Alibaba Group as CEO over the past eight years and Chairman over the past four years,” Zhang shared in a press release.
Taking over as chairman will be Joseph C. Tsai, who serves as the company’s current executive vice chairman. Meanwhile, Chairman of Tabao and Tmall Group Eddie Yongming Wu will succeed Zhang as the Alibaba Group CEO.
“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 explained.
Tsai also praised Zhang for his contributions as well as his extraordinary leadership since joining in 2007.
“We believe there is no better leader than Daniel to steer Alibaba Cloud Intelligence Group into the next chapter of its journey and future growth,” he shared.
The new appointments will officially take effect September 10.
The transition comes three months after the tech giant announced the transformation of its company into the “1+6+N” model, with “one” referring to the group, “six” referring to the number of business units, and “N” referring to future business units. This marks the company’s biggest restructuring effort in 24 years.
Before the appointments fully take effect, Wu and Tsai will work closely with the former CEO to continue to refine this model.