Alibaba News

Alibaba Announces Major Shakeup

Daniel Zhang Steps Down as Chairman and CEO

Company Undergoes Biggest Reshuffle in History

In a major shakeup, Chinese tech giant Alibaba Group Holding Limited (BABA) has announced that Daniel Zhang will be stepping down as chairman and CEO. This marks the biggest reshuffle in the company's history.

The move comes as Alibaba faces increasing competition from rivals such as Tencent and JD.com. The company has also been under pressure from Chinese regulators who have recently cracked down on tech giants.

Zhang, who has led Alibaba since 2015, will be replaced by current President, J. Michael Evans. Evans has been with Alibaba for over a decade and is seen as a close confidant of founder Jack Ma.

The news of Zhang's departure sent Alibaba shares tumbling in Hong Kong trading. Investors are concerned about the impact of his exit and the company's ability to navigate the challenges it faces.

Alibaba is one of the largest companies in the world, with a market capitalization of over $500 billion. It operates a wide range of businesses, including e-commerce, cloud computing, and digital payments.