 "Daniel Zhang to step down as Alibaba CEO, Eddie Wu Yongming to succeed him")
Daniel Zhang has announced that he will be resigning as Alibaba Group Holding chairman and chief executive officer (CEO) in order to focus on Alibaba Cloud, the digital technology and intelligence backbone of the group.
Zang, 51-year-old Chinese business executive, will be working in the company as chairman and CEO of Alibaba Cloud Intelligence Group, the company said in a statement on Tuesday. The change will take effect September 10, according to a report in the South China Morning Post.
Eddie Wu Yongming, chairman of Taobao & Tmall Group, will succeed Zhang as CEO; and Joseph C Tsai, executive vice-chairman, will take Zhang's place as group's chairman.
"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. I look forward to working closely with Joe and Eddie in the coming months to ensure a seamless transition," Zhang said.