Alibaba Shakeup: CEO Zhang Steps Down, Co-Founder Ma Returns as New CEO
-
Alibaba CEO Daniel Zhang Yong unexpectedly stepping down as CEO and chairman on Sept. 10 to focus on cloud business.
-
Co-founder Jack Ma to become new CEO, while co-founder Joseph Tsai will be chairman.
-
Zhang had been CEO since 2015 and chairman since 2019, also chaired the cloud division since 2022.
-
Alibaba will invest $1 billion in a tech fund Zhang will establish.
-
Alibaba continuing plan to spin off cloud unit as separate publicly traded company.