THE WHAT? Alibaba is about to exchange CEO Daniel Zhang with Eddie Yongming Wu, in keeping with a report revealed by the Monetary Instances. The management change will happen in September.
THE DETAILS The Chinese language e-commerce big has named Co-Founder and Vice Chair Joseph Tsai as Chair of the Board.
THE WHY? Alibaba is poised to interrupt up its sprawling tech empire into separate companies, spinning off its cloud unit and pursuing separate listings for its logistics and grocery companies; Zhang will head up the cloud division. In a press release seen by the Monetary Instances, Zhang defined, “That is the precise time for me to make a transition, given the significance of Alibaba Cloud Intelligence Group because it progresses in direction of a full spin-off.”
