Alibaba co-founder Joe Tsai to take over as chairman as Daniel Zhang steps aside to focus on cloud business
- Zhang is relinquishing his roles as chairman and CEO after steering the tech giant through its transition following founder Jack Ma’s departure
- Tsai will take over the chairman role from Zhang, who previously ran Taobao and is credited with starting the Singles’ Day shopping festival
Zhang will be succeeded as chairman by Joseph C. Tsai, who is currently executive vice-chairman, and Eddie Wu Yongming, chairman of Taobao & Tmall Group, will become CEO. Zhang will continue on at the company as chairman and CEO of Alibaba Cloud Intelligence Group, the company said in a statement on Tuesday. The change will take effect September 10.
“This 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,” Zhang said in a company statement.
In an internal memo seen by the Post, Zhang said that it would be “inappropriate” for him to continue serving as chairman and CEO of both Alibaba and Alibaba Cloud as the cloud unit prepares for an initial public offering. “From a corporate governance perspective, we also need clear separation between the board and management team as Cloud Intelligence Group proceeds down the path to becoming an independent public company,” he wrote in the letter.