Joe Tsai has been promoted from his position as executive vice chairman to chairman after Daniel Zhang stepped down to oversee Alibaba Cloud Intelligence Group.
“The appointment of Daniel to focus on running cloud is really a show of confidence and trust in him to take the most precious business and run with it to develop it in the right way given this age of generative artificial intelligence ,” former Alibaba employee Brian WongWong, who authored the book “The Tao of Alibaba,” continued: “The idea or expectation that one person could manage the business’ crown jewel Cloud and at the same time manage the entire Alibaba Group is an unreasonable...
Alibaba’s US-listed shares dipped 2.48% in premarket trading on Tuesday after the announcement of the executive shuffle, which will take effect on Sept. 10.However, the large-scale cloud computing services it oversees as the biggest cloud services platform in China has already raised red flags from regulators based at home and abroad, the outlet reported.The stock is down about 70% from its peak in late 2020 as China’s tech crackdown progressed.
Alibaba’s reshuffling comes after Beijing authorities have cracked down on regulations across the country’s tech sector. Zhang stepped down from his post as Alibaba’s CEO and chairman on Tuesday — positions he’s held since 2015 and 2019, respectively.The e-commerce behemoth is currently in the process of splitting its business into six independently-run companies
, which Alibaba has said is “the most significant governance overhaul” since co-founder Jack Ma built the empire alongside Tsai and Wu.The move to split Alibaba’s operations addresses a key concern of officials from the Chinese Communist Party, who had raised concerns about the rising power and influence of the e-commerce firm, fellow tech giant Tencent and other notable tech firms.
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