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Beijing, China:
On Tuesday, Alibaba Group, China’s largest technology company, announced that Daniel Zhang, chairman and CEO of the company, would be replaced by Joseph Tsai, current executive vice president, in September.
As the company seeks to implement a full spin-off of its advanced cloud computing unit, Zhang said now was the “right time” for him to leave.
Cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence are businesses of Hangzhou-based Alibaba, which is one of China’s most prominent technology companies.
Alibaba Cloud Intelligence Group announced that Zhang will remain chairman and CEO of Alibaba Cloud Intelligence Group after the executive transition.
As Beijing has imposed tougher restrictions on the domestic tech sector in recent years, companies have faced unprecedented challenges.
In late March, Alibaba announced it would form six business groups, carrying out the largest shakeup in the history of a top Chinese tech company.
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