Alibaba: Wu Yongming replaces Zhang Yong, Alibaba Cloud Intelligence Group spin-off plan continues

News from this site on September 11, Alibaba Group issued a voluntary announcement on the Hong Kong Stock Exchange, announcing the completion of leadership transition. Mr. Tsai Chongxin took over as the chairman of the company’s board of directors and Mr. Wu Yongming took over as the company’s CEO and director.

In addition, Alibaba announced that Mr. Wu Yongming will succeed Mr. Zhang Yong as acting chairman and CEO of Alibaba Cloud Intelligence Group, effective September 10, 2023.

The company will continue to implement the previously announced plan to spin off Alibaba Cloud Intelligence Group and appoint a separate management team for it. Completion of the proposed spin-off is subject to a number of factors, including, but not limited to, the successful reorganization of assets, liabilities and contracts, implementation of equity incentive plans, market conditions and regulatory approvals in relevant jurisdictions

This site previously reported that Zhang Yong issued an all-staff letter on May 18, planning to completely separate Cloud Intelligence Group from Alibaba Group and complete its listing in the next 12 months, Form a new company that is completely independent from Alibaba Group in terms of equity and corporate governance. At the same time, Alibaba Cloud Intelligence Group will introduce external strategic investors.

He stated in the letter to all employees that the spin-off is for better development and is a new beginning for Alibaba Cloud’s second venture in the future. In the future, Alibaba Cloud Intelligence Group can face the market completely independently, further strengthen business strategy, optimize organization and operations, "We have the opportunity to jointly build a world-class technology company."

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