Alibaba Group has announced a major executive shift, appointing Eddie Yongming Wu as its new CEO, succeeding Daniel Zhang, who will now focus on the company’s cloud intelligence division. Wu, currently chairman of Taobao and Tmall Group, will retain his role overseeing these key e-commerce platforms.
Zhang, who has served as Alibaba’s CEO since 2015 and chairman since 2019, will transition to focus solely on Alibaba’s cloud unit, which is nearing a crucial phase in its spin-off process. This move is part of Alibaba’s broader restructuring plan, which aims to spin off five of its six units into independent entities, with the cloud division expected to go public within the next 12 months.
Joseph Tsai, Alibaba’s executive vice chairman, will step into Zhang’s former role as group chairman. The restructuring follows a period of intense regulatory scrutiny and is intended to provide clearer governance and operational focus.
Wu, a co-founder of Alibaba alongside Jack Ma and Joseph Tsai, brings extensive experience to his new role. His previous positions include chief technology officer of Alipay and chairman of Alibaba Health.
Zhang noted in a staff memo that focusing on the cloud unit’s spin-off requires a clear separation between the board and management, which is crucial as the unit moves toward becoming an independent public company. Analysts have valued the cloud unit between $41 billion and $60 billion, highlighting its significant role in Alibaba’s future.
