Alibaba names new CEO as Zhang steps down
China’s Alibaba announced Tuesday its CEO and Chairman, Daniel Zhang, was stepping down to focus solely on the company’s cloud division.
Eddie Yongming Wu, who heads up Taobao and Tmall Group, will succeed Zhang as CEO, while executive vice chairman Joseph Tsai will fill the chairman role.
The surprise reshuffle comes after a tumultuous two years that saw Alibaba heavily targeted by increased regulatory scrutiny from Beijing.
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