Alibaba Group says Eddie Wu to succeed Daniel Zhang as CEO

(Reuters) -Alibaba Group Holding said on Tuesday that Eddie Yongming Wu, chairman of its Taobao and Tmall Group, willsucceed Daniel Zhang as Chief Executive Officer, in its biggest executive reshuffle since its restructuring.

Zhang will shift to fully focus on the cloud intelligence group, the company said. Zhang has since December been concurrently serving as the group’s CEO and chairman as well as the head of the Chinese tech giant’s cloud unit.

Joseph Tsai, currently Alibaba (NYSE:)’s executive vice chairman, will succeed Zhang as the group’s chairman.

“This is the right time for me to make a transition, given the importance of Alibaba Cloud Intelligence Group as it progresses towards a full spin-off. I look forward to working closely with Joe and Eddie in the coming months to ensure a seamless transition,” Zhang said.