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Alibaba CEO Daniel Zhang steps down

Alibaba CEO and chairman Daniel Zhang has announced he will step down later this year to focus on the company’s cloud business.

Zhang joined the retail giant in 2007 and became CEO in 2015 and chairman in 2019, respectively, succeeding co-founder Jack Ma.

Eddie Yongming Wu, chairman of Taobao and Tmall Group, will succeed Zhang as CEO and replace him on the company’s board of directors, the group has revealed.

Meanwhile, Joseph C. Tsai, the current executive vice chairman, will succeed Zhang as chairman of the company.

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Both appointments will take effect on 10 September 2023.

“It has been an incredible honour and privilege to lead Alibaba Group as CEO over the past eight years and chairman over the past four years,” Zhang said.

“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. I look forward to working closely with Joe and Eddie in the coming months to ensure a seamless transition.”

He added: “Looking ahead, I am committed to strengthening Alibaba Cloud Intelligence Group’s market leadership by making cloud computing and artificial intelligence more accessible for businesses of all sizes and industries as they continue their digital transformation.

“The emergence of generative AI has also opened up exciting new opportunities that Alibaba Cloud Intelligence Group is well-positioned to capture.”

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