HANGZHOU, China – Chinese tech giant, Alibaba, announced on Tuesday, June 20, 2023, that its current Chairman and CEO, Daniel Zhang, will step down in September.
He will be succeeded by Joseph Tsai, the current executive vice chairman, as chairman, and Eddie Wu will assume the role of CEO.
In a statement, Zhang indicated it was “the right time” for him to step down, as the company prepares to implement a full spin-off of its advanced cloud computing unit, Alibaba Cloud Intelligence Group.
He will continue to serve as the chairman and CEO of this unit after the transition.
Alibaba, headquartered in Hangzhou, is one of China’s leading technology firms, with business operations spanning various sectors, including cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.
This announcement comes at a time when the company, like many others in the Chinese tech sector, is facing significant challenges due to tighter regulations imposed by Beijing.
In late March, Alibaba revealed its plan to split into six business groups, marking one of the most substantial overhauls of a leading Chinese tech firm to date.
This new organizational restructuring and leadership change signal a significant shift in Alibaba’s strategic direction as it adapts to an evolving technological and regulatory landscape.
