Daniel Zhang suddenly exits Alibaba Group as new chairman and CEO takes over

In a surprise move, Zhang has resigned as head of Alibaba's Cloud Intelligence Group, after stepping aside from his position as chairman and CEO earlier this year.

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Former Alibaba Group chairman and CEO Danial Zhang stepped down as CEO of Alibaba Cloud business as he handed over the Group roles to Joseph Tsai and Eddie Wu on Sunday.

Alibaba Group announced in June that Joseph Tsai, Alibaba’s co-founder and executive vice chairman, would be chairman, and Eddie Wu would replace Zhang as CEO.

Wu will also serve as acting chairman and CEO of Alibaba Cloud Intelligence Group and continue to oversee Taobao and Tmall Group since Alibaba decided to split its business into six units.

In a statement shared by Alibaba Group last night with shareholders, the board expressed “its deepest appreciation to Mr Zhang for his contributions to Alibaba Group over the past 16 years."

Zhang has been CEO of Alibaba Group since 2015 and chairman since 2019. He began to lead Alibaba Cloud Intelligence Group last December.

Five years ago, on 10 September 2018, Alibaba Group formally announced Zhang as the successor for Jack Ma.

Alibaba has experienced tumultuous two years since 2021 and reported its most recent quarterly results in August, with revenue surging 14% and beating analysts’ forecasts as most of its business units returned to growth.

More as this story develops.

Source:

Campaign Asia