Alibaba CEO Daniel Zhang will step down as CEO and will also step down as chair of the board of directors. His place will be taken by one of the company’s founders, Eddie Wu. Appointments are effective September 10.
In March 2023, Alibaba announced a major business reorganization that would split the structure into six separate companies. Each of them will be able to attract investment and make an initial public offering.
As envisioned in the reorganization, Zhang will lead one of the six organizations. He will be succeeded as chairman of the board by another co-founder and former vice president of the company, Joseph Tsai.
According to Zhang, the cloud technology division is of particular importance and will soon be spun off into a separate company.
As part of the reorganization, six independent entities are planned to be launched: Cloud Intelligence Group, specializing in cloud technologies, Cainiao (smart logistics), Taobao-Tmall (e-commerce), a local services group, an entertainment and media division digital, as well as the global business operations of the Global Digital Business Group.
In the spring, after the news of Alibaba’s plans, China’s index of technology companies rose rapidly. Alibaba shares rose 14% in a trading session.
In April, Alibaba Group introduced the Tongyi Qianwen language model, which is positioned as a competitor to ChatGPT.
Author:
Natalia Gormaleva
Source: RB
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