Alibaba Announces Major Restructuring, Names New CEO and Chairman

Alibaba Group's CEO and chairman Daniel Zhang will step down to focus exclusively on the company's cloud business, which will be spun off within a year and operate as an independent publicly listed company.
Eddie Wu will take over as CEO and Joseph C. Tsai will assume the role of chairman, effective Sept. 10.
The leadership changes come after Alibaba announced a restructuring into six separate groups in March to boost growth.
The cloud computing unit has strong growth potential but faces competition, while Alibaba's core e-commerce faces macroeconomic challenges.
Alibaba hopes the restructuring and leadership changes will make the company more agile in adapting to fast-changing technologies and markets.