Alibaba undergoes major personnel restructuring.

According to Business Insider , citing an announcement from Alibaba on June 20th, Eddie Wu will take over as CEO from Daniel Zhang. Eddie Wu is currently the Chairman of the e-commerce business of Taobao and Tmall Group.

Joseph Tsai (left) and Daniel Zhang at an event in 2019.

In addition to stepping down as CEO, Daniel Zhang will also relinquish his position as Chairman of the Board of Directors of Alibaba. He will be replaced by Joseph Tsai, currently the Vice Chairman. These changes will take effect on September 10th.

Alibaba Group is valued at $238 billion, making it the third largest company in China after Tencent and Kweichow Moutai (Kingdom of Kweichow Moutai).

In March, Alibaba announced it would split into six main segments, with Taobao and Tmall Group being two of them. The remaining segments include cloud storage services, delivery, logistics, media, and entertainment. Each unit will have its own CEO and board of directors, and most may raise capital or go public independently, according to CNN.

Eddie Wu will be the new CEO of Alibaba.

After stepping down from his previous positions, Daniel Zhang will assume the role of Chairman and CEO of Cloud Intelligence Group, a division of Alibaba specializing in cloud computing and artificial intelligence. He stated that this is the right time for a transition and he is excited about new opportunities in the cloud computing sector. He has been CEO of Alibaba since 2015. In 2019, he replaced Jack Ma as chairman of the group.

Eddie Wu graduated from Zhejiang University of Technology with a Bachelor of Science in Computer Science in 1996. He is one of the co-founders of Alibaba and currently runs three main business units: mobile, instant messaging, and music . Drum , a marketing and communications website, states that Eddie Wu was Alibaba's first programmer.

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