China's Alibaba Group has announced a major management reshuffle as the e-commerce giant restructures into six different business divisions to adapt to fast-changing technologies.
The moves also are aimed at spurring growth at a time when the Chinese economy is slowing despite an end to COVID-19 pandemic restrictions a half-year ago.
Alibaba's current executive vice chairman, Joseph Tsai, is to succeed Zhang as chairman of the Alibaba Group. Tsai, who owns the NBA basketball team Brooklyn Nets and is the chairman of Alibaba-owned Hong Kong newspaper South China Morning Post, is a Taiwan-born Canadian citizen. He helped to found Alibaba in the late 1990s.
"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," Zhang said in a statement. Shortly afterward, the government scuttled a planned initial public offering of Alibaba's financial affiliate Ant Group. It had been set to raise US$34.5 billion in what would have been the world's largest share offering at the time.
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