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Key takeaways
- Alibaba CEO and chairman Daniel Zhang stepping down from the top job to focus on the company’s cloud computing arm
- Top execs Eddie Yongming Wu and Joseph Tsai taking the respective CEO and chairman roles
- The move comes as Alibaba marches forward with its massive restructuring plan
There’s a big change in the ranks at one of China’s biggest tech companies. Alibaba announced its CEO and chairman was stepping down and will be replaced by other co-founders. The changes are being made in a bid to ensure its massive restructuring goes smoothly and so the company can focus on the AI opportunities that lie ahead with its cloud computing business.
As Chinese tech company restrictions appear to be easing off and the Chinese economy has slumped, Alibaba is making big decisions now for the company’s long-term success. But Wall Street doesn’t like surprises, and the stock fell on Tuesday. Let’s get into the details.
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