Chinese e-commerce giant Alibaba Group is restructuring into six business divisions in a major management reshuffle to adapt to rapidly changing technologies and spur growth as the Chinese economy slows. Eddie Wu, current chairman of Alibaba’s e-commerce group, will succeed Daniel Zhang as CEO, while Zhang will become CEO and chairman of Alibaba’s cloud computing unit, which is expected to be spun off and listed within a year. Joseph Tsai, Alibaba’s current executive vice chairman, will succeed Zhang as chairman of the company, while five of the six business divisions will be allowed to raise outside capital and go public. The restructuring takes effect on 10 September. Alibaba has come under scrutiny by the Chinese government in recent years amid a crackdown on the technology industry.
Alibaba appoints new CEO and chairman in significant management restructuring
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