(FILES) This file photo taken on June 14, 2023 shows the Chinese e-commerce company Alibaba logo during the Vivatech technology startups and innovation fair at the Porte de Versailles exhibition centre in Paris. - Chinese tech giant Alibaba announced on June 20, 2023 that it will replace chairman and CEO Daniel Zhang with current executive vice chairman Joseph Tsai as chairman and Eddie Wu as CEO in September. (Photo by ALAIN JOCARD / AFP) / The erroneous mention[s] appearing in the metadata of this photo by ALAIN JOCARD has been modified in AFP systems in the following manner: [clarifying second sentence in caption to make clear that Eddie Wu replaces Daniel Zhang as CEO of Alibaba]. Please immediately remove the erroneous mention[s] from all your online services and delete it (them) from your servers. If you have been authorized by AFP to distribute it (them) to third parties, please ensure that the same actions are carried out by them. Failure to promptly comply with these instructions will entail liability on your part for any continued or post notification usage. Therefore we thank you very much for all your attention and prompt action. We are sorry for the inconvenience this notification may cause and remain at your disposal for any further information you may require.
Chinese tech giant Alibaba announced on Tuesday that it would name executive vice chairman Joseph Tsai as chairman and Eddie Wu as CEO to succeed Daniel Zhang as chairman and CEO in September.
Zhang said in a statement it was “the right time” for him to step down as the firm looks to implement a full spin-off of its advanced cloud computing unit.
Hangzhou-based Alibaba is one of China’s most prominent technology firms, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.
Following the executive transition, Zhang will continue to serve as chairman and CEO of Alibaba Cloud Intelligence Group, the company said.
The firm has faced several unprecedented headwinds in recent years as Beijing imposed tighter restrictions on the domestic tech sector.
Alibaba said in late March that it would split into six business groups in one of the most significant overhauls of a leading Chinese tech firm to date.
