Chinese e-commerce giant Alibaba has announced that its president and CEO Daniel Zhang he will resign in September. Zhang became CEO in 2015 and took over from the founder in 2019 Jack Ma as group president. Instead of him they will come Joseph Tsaicurrent executive vice president, to become president, e Eddie Yongming Wucurrent head of the e-commerce division, who will become CEO.
Daniel Zhang steps down as CEO of Alibaba
Zhang justified his decision by saying that it is “the right time to leave”. He will still remain at the helm of Alibaba Clouda part of the group dedicated to cloud computing, i.e. services that allow you to manage large amounts of data through interconnected servers.
Zhang explained in an internal memo to employees that it would have been “inappropriate to maintain the role of president and chief executive officer of both Alibaba and Alibaba Cloud.” Zhang’s choice comes in a period of great transformations for Alibaba: a few months ago the group announced that it would split into six separate divisions, each with an autonomous CEO. The announcement of this strategic move, last March, had an immediate effect on the equity markets, with Alibaba stock posting a sharp increase. In the New York Stock Market (NYSE), stocks Alibaba jumped 7%, to surpass $92. While on Wall Street they recorded an increase in‘11%.