Daniel Zhang to Step Down as Chairman and CEO

Alibaba Group Holding Ltd. has announced a major leadership shake-up with Daniel Zhang, the current Chairman and Chief Executive Officer (CEO), planning to step down from his roles.

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Joseph Tsai Appointed as Chairman

Effective September 10, Joseph Tsai, Alibaba's current Executive Vice Chairman, will assume the position of Chairman. Tsai, known for his instrumental role in the company's growth, brings extensive experience and leadership qualities to the new position. This strategic move showcases the company's commitment to a smooth leadership transition and continuity.

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Eddie Yongming Wu Takes Over as CEO

Simultaneously, Eddie Yongming Wu, the Chairman of Alibaba's Taobao and Tmall Group e-commerce businesses, will become the new CEO of the company. Wu's proven track record and deep understanding of Alibaba's operations make him an ideal candidate to lead the organization in this dynamic period. He will assume Zhang's position on Alibaba's board of directors, ensuring seamless governance.

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Zhang Continues to Lead Alibaba Cloud Intelligence Group

Although stepping down from his current roles, Daniel Zhang will continue to contribute to the company's success by leading Alibaba's cloud intelligence group. Zhang's expertise and vision will be instrumental in further developing and maximizing the potential of the cloud business, which the company plans to spin out as part of its value-unlocking strategy.