Alibaba unveils significant leadership reshuffle as CEO Daniel Zhang prepares to step down and be succeeded by Eddie Yongming Wu, who will assume the role of CEO, and Joe Tsai, who will become the new chairman on September 10th.
Alibaba, based in Hangzhou, is a prominent technology firm in China, involved in various sectors such as cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.
Zhang will continue to serve as chairman and CEO of Alibaba Cloud Intelligence Group after the executive transition. The company has faced challenges in recent years due to tighter restrictions on the domestic tech sector imposed by the Beijing government. In March, Alibaba announced a significant overhaul, dividing into six business groups.
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