Signage at the Alibaba Group Holding Ltd. offices in Beijing, China, on Wednesday, March 29, 2023.
Hong Kong CNN  — 

Alibaba is replacing Daniel Zhang as chairman and CEO as the Chinese tech giant undergoes the biggest shakeup in its history.

Joseph Tsai, executive vice chairman and a co-founder of Alibaba (BABA), will succeed Zhang as chairman, the company said Tuesday. Eddie Wu, chairman of e-commerce unit Taobao and Tmall Group, will succeed Zhang as chief executive officer.

Both appointments will take effect in September, and Zhang will continue to serve as the chairman and CEO of Alibaba’s cloud unit.

This is the second time Alibaba has undergone a major change in executive leadership in a few years after co-founder Jack Ma stepped away in 2019. And it comes just months after the company announced its biggest restructuring in 24 years.

The company said in March that it was splitting into six separate units, including cloud, e-commerce, logistics, media and entertainment. Each unit is now overseen by its own CEO and board directors, and most of them can pursue separate listings or fundraisings.