Latest from Multi News Outlets

In Overhaul, Alibaba’s Boss Moves Aside and Two Co-Founders Step Up

- Advertisement -

In late March, Daniel Zhang unveiled what was called the “most significant” overhaul in the 24-year history of Alibaba, one of China’s original technology conglomerates, splitting the company into six units that would help them seek out investors from the public.

Now, Mr. Zhang, the tech giant’s chairman and chief executive, is out of the top job and will step down from Alibaba’s board of directors, and two of the company’s co-founders have moved up into the leadership positions.

Alibaba announced on Tuesday that Mr. Zhang, 51, will relinquish his top job in September. Instead, he will serve only as chief executive of Alibaba’s cloud computing division, a position he assumed in March when he unveiled the restructuring. Alibaba announced plans to spin off its cloud division in May, in preparation for a public listing.

Joseph Tsai, 59, an Alibaba veteran with roots to the company’s founding, will move up from executive vice chairman to chairman. Another Alibaba co-founder, Eddie Yongming Wu, will succeed Mr. Zhang as chief executive.

“This is like the oldest of the…

Source link

Leave A Reply