Alibaba CEO Daniel Zhang to step down

Daniel Zhang, who has been the Chinese conglomerate’s chief for eight long years, is being replaced. Eddie Wu, now chairman of Alibaba’s online shopping arms Taobao and Tmall, will take over as chief executive.

Zhang, who became chairman in 2019, will no longer hold that post on the board either. Alibaba’s executive vice chairman Joseph Tsai will take over as chairman.

Both appointments will take effect on September 10, 2023, the company announced in a press release today.

Zhang will “continue to lead Alibaba Cloud Intelligence Group as its Chairman and Chief Executive Officer,” the company said. This role was already assigned to him during the March business split decision.

“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,” said Zhang in a statement.