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open minded Ali Baba CEO and Chairman Daniel Chang sent a memo to employees on Tuesday explaining his reasons for stepping down.
Alibaba announced Tuesday that Zhang will step down in September, while veteran Eddie Wu will succeed him as CEO, and Ju Tsai will take over as chairman.
The move comes nearly three months after Alibaba announced plans to split the company into six business groups, each with the ability to raise external financing and go public.
Zhang will remain CEO of the cloud computing business, as it pushes for a separate and eventual public listing.
Zhang said in a “staff memo obtained by CNBC.
“From a corporate governance perspective, we also need a clear separation between the board and the management team while the Cloud Intelligence Group is on its way to becoming an independent public company. It would be inappropriate for me to continue serving as Chairman and CEO of both companies at the same time during transverse process”.
Zhang said the decision to step down was part of his own plan.
Zhang’s intentions to focus solely on the cloud were now in the making. In an interview with CNBC in 2018, Zhang said that cloud computing will be the company’s “main business” in the future, underlining his optimism regarding the technology.
fellow alerin,
Since he became the CEO of the Alibaba Group in May 2015, it has become a habit to send several letters to everyone every year. As many of you would have expected when receiving such a letter, it often signals a major organizational change. Today is no exception. This time around, however, the news I’m sharing involves an important personal change.
I am pleased to report that our organizational transition to a “1+6+N” model is proceeding as planned since we made this announcement. During our most recent earnings announcement, we introduced a board of directors to each of our six major business groups, and all of those entities are now fully operational. We have also announced plans for a series of significant transactions, which include the Cloud Intelligence Group’s full standalone offering and listing as an independent company, the initial public offerings of Cainiao Smart Logistics and Freshippo, and the external capital raising of AIDC. Alibaba will have a whole new outlook.
As everyone is well aware, the development of basic technologies such as cloud computing, big data and artificial intelligence will lead to a massive transformation of our society and will be of utmost strategic importance. Cloud Intelligence Group is now proceeding at full speed with its sub-plans and we are approaching a crucial stage in the process, so it is time to devote my full attention and time to the business. From a corporate governance perspective, we also need a clear separation between the board and the management team as Cloud Intelligence Group forges its path to becoming an independent public company. It would be inappropriate for me to continue to serve as Chairman and CEO of both companies at the same time during the separation process. Therefore, the Alibaba Board of Directors discussed and approved my plan to transition from the position of Chairman and CEO of the Alibaba Group to focus exclusively on my role as Chairman and CEO of the Cloud Intelligence Group, effective from September 10, 2023. In turn, the Alibaba Board of Directors appointed Joseph C. Tsai to succeed me as Chairman of the Board and Eddie Yongming Wu to succeed me as CEO. As co-founders and partners in the company, Joe and Eddie have made significant contributions to the development of the company and bring a wealth of invaluable experience. I have full confidence that their leadership will guide Alibaba to new heights.
This change signals a new phase and a new journey, not only for the company but also for me personally. Time is running fast, and this year is my 16th year in the Alibaba Group. My appointment as CEO and Chairman of the Board of Directors of the Alibaba Group was beyond imagination. Being able to dedicate myself completely to roles for as long as I had them is really down to the trust, support, encouragement and patience I’ve received from everyone. For this, I am forever so grateful. Given the historical opportunities that have emerged through social progress and market development over the past 16 years, I have had the privilege of witnessing the rapid growth of Alibaba and have been involved along with everyone in the many achievements from inception to maturity that have impacted people’s daily lives, enabled digital transformation for business, and to make positive contributions to society. Together, we have weathered the challenges brought about by the pandemic and navigated uncertainties in the macro environment over the past three years. Through prosperity and adversity, we have grown stronger, shared unforgettable experiences, and persevered through them together. I am grateful for the friendships and connections made during this journey that are more valuable and meaningful to me than anything else.
Over the past 24 years, we’ve started reinventing ourselves many times. Today, we all stand together at a new starting point, hoping to unlock new growth through self-transformation. I know everyone will continue to support Joe, Eddie, and the new senior management team. I hope everyone can find the best path and platform for themselves. Your self-realization will benefit the community and the company, but most importantly, hope will help you discover how to be the best version of yourself. The team at Cloud Intelligence Group and I are also standing on a whole new stage, and we will harness the power of new technology in cloud computing, big data and artificial intelligence to serve the digital transformation of organizations of all sizes and industries and capture the vast potential brought about by artificial intelligence. I am incredibly excited and excited.
My friends, the landscape may evolve, but the mountains will remain and the rivers will continue to flow. Let’s start a new chapter. When we meet again, may we all be at ease!
Daniel Chang
Chairman and CEO of Alibaba Group
Chairman and CEO of Alibaba Cloud Intelligence Group
2023.6.20
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