CX Daily: Alibaba Boss Daniel Zhang to Step Down With Co-Founders to Take the Reins

Alibaba /

Alibaba boss Daniel Zhang to step down with co-founders to take the reins

Alibaba Group Holding Ltd. Chairman and CEO Daniel Zhang will step down from his roles, the company announced Tuesday, in a surprise leadership reshuffle that comes as the e-commerce giant is undergoing a major restructuring to try to revive growth.

Joseph Tsai, current executive vice chairman of Alibaba, will succeed Zhang as chairman of the board, while Eddie Wu, also a co-founder, will take over as chief executive, the company said. Zhang will remain chairman and CEO of the newly formed Alibaba Cloud Intelligence Group. The appointments will take effect Sept. 10.