Alibaba CEO Daniel Zhang plans to step down from his role in September. Eddie Wu will take over as CEO, and Joe Tsai will become chairman. Both Wu and Tsai are Alibaba veterans and close confidants of founder Jack Ma. CNBC’s Arjun Kharpal breaks down the moves.
We’ve known for over a month? They literally announced this will happen so that he can focus on the Cloud business? It’s not a downgrade.