{"id":24944,"date":"2023-06-20T09:27:02","date_gmt":"2023-06-20T13:27:02","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/alibabas-zhang-to-step-down-as-ceo-chairman-amid-business-shakeup\/"},"modified":"2023-06-20T09:27:04","modified_gmt":"2023-06-20T13:27:04","slug":"alibabas-zhang-to-step-down-as-ceo-chairman-amid-business-shakeup","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=24944","title":{"rendered":"Alibaba\u2019s Zhang to step down as CEO, chairman amid business shakeup"},"content":{"rendered":"
\n

Alibaba Group Holding Ltd. is shaking up its leadership, with Daniel Zhang planning to step down from his roles as both chairman and chief executive. <\/p>\n

Joseph Tsai, Alibaba\u2019s
\n 9988,
\n -1.51%<\/bg-quote><\/p>\n

BABA,
\n -0.11%<\/bg-quote>
\n current executive vice chairman who also is known in the U.S. for owning the Brooklyn Nets basketball team, will take on the chairman position effective Sept. 10, the Chinese e-commerce giant announced Tuesday. Eddie Yongming Wu, who serves as the chairman of Alibaba\u2019s Taobao and Tmall Group e-commerce businesses, will become CEO of the company and take over Zhang\u2019s spot on Alibaba\u2019s board of directors, also effective Sept. 10.<\/p>\n

\n

In Hong Kong, shares of Alibaba fell 1.5%, and its U.S.-listed shares also slipped in premarket trade.<\/p>\n

Zhang plans to stay at Alibaba and will continue to lead the company\u2019s cloud intelligence group as both the chairman and CEO of that unit. Alibaba previously announced that it planned to spin out the cloud business as part of a broader move to unlock value from its sprawling enterprise. <\/p>\n

Don\u2019t miss: How to invest in one of the hottest stock market sectors while cutting your risk<\/strong><\/p>\n

\u201cThis 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,\u201d Zhang said in Tuesday\u2019s release. He called out \u201c[t]he emergence of generative AI,\u201d which \u201chas also opened up exciting new opportunities that Alibaba Cloud Intelligence Group is well-positioned to capture.\u201d<\/p>\n

Zhang has been Alibaba\u2019s chairman since 2019, when co-founder Jack Ma stepped down from that position. He\u2019s been the company\u2019s CEO since 2015.<\/p>\n

Alibaba is in the midst of a big shakeup after having announced earlier this year that it planned to reorganize into six business units that would have the flexibility to raise funding and pursue initial public offerings if desired. Alibaba has evolved into a massive enterprise with footholds in international commerce, logistics, food delivery and more, but the recent thinking has been that investors could come to better appreciate some of those units on their own. <\/p>\n

Read: Why Alibaba\u2019s business shakeup isn\u2019t helping its stock<\/strong><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Alibaba Group Holding Ltd. is shaking up its leadership, with Daniel Zhang planning to step down from his roles as both chairman and chief executive. Joseph Tsai, Alibaba\u2019s 9988, -1.51% BABA, -0.11% current executive vice chairman who also is known in the U.S. for owning the Brooklyn Nets basketball team, will take on the chairman […]<\/p>\n","protected":false},"author":1,"featured_media":24945,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-24944","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nAlibaba\u2019s Zhang to step down as CEO, chairman amid business shakeup | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Alibaba Group Holding Ltd. is shaking up its leadership, with Daniel Zhang planning to step down from his roles as both chairman and chief executive.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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