Alibaba, one of China’s leading tech companies, has experienced a significant change in its leadership structure. Daniel Zhang, the outgoing chief executive officer of Alibaba, has decided to step down from his role in the company’s cloud business. This unexpected announcement led to a notable drop in Alibaba’s shares, which fell by 3.5 percent.
In June, it was announced that Zhang would relinquish his position as the group CEO to concentrate solely on leading Alibaba’s cloud intelligence unit. However, this plan has since changed. Eddie Wu, who was set to succeed Zhang as the group CEO and director in September, will now temporarily assume the additional responsibilities of chairman and CEO of the cloud business.
Alibaba released a statement on the Hong Kong Stock Exchange expressing gratitude to Zhang for his significant contributions to the company over the past 16 years. His roles included serving as CEO since 2015 and as Chairman since 2019. He was also recognized for his leadership in the cloud intelligence group since 2022.
In a letter from Alibaba co-founder Joseph Tsai, it was revealed that Zhang had indicated his desire to step away from his leadership role in the cloud unit. The board, respecting Zhang’s decision, appointed Eddie Wu as the acting chairman and CEO of the Cloud Intelligence Group, effective immediately.
Zhang, who joined Alibaba in 2007, is renowned for initiating the company’s highly successful Singles’ Day shopping festival in 2009. In 2019, he succeeded Jack Ma, the company’s founder, as the chairman of Alibaba. Zhang’s departure from the cloud business marks a significant shift in the company’s leadership, yet he plans to continue contributing to Alibaba in different capacities.
Based in Hangzhou, Alibaba has established itself as a major influencer in the Chinese tech industry, with a diverse portfolio that includes e-commerce, cloud computing, logistics, media, and artificial intelligence.
Catch the latest supply chain news at The Supply Chain Report. Learn more about international trade at ADAMftd.com with free tools.
#AlibabaLeadership #DanielZhang #EddieWu #CloudBusiness #AlibabaCloud #TechLeadership #AlibabaNews #TechIndustry #Ecommerce #CloudComputing #AI #Logistics #HongKongStockExchange #JosephTsai #CloudIntelligence
