In a surprise move, Alibaba Group Holding has announced the appointment of a new chairman and chief executive.

According to a Bloomberg report, Daniel Zhang has been replaced by Executive Vice Chairman Joseph Tsai as the new chairman of the company, while e-commerce executive Eddie Wu will replace Zhang as chief executive officer. Earlier, Zhang was serving the company in both roles.

Zhang will be tasked to lead the Alibaba Cloud Intelligence Group as chairman and chief executive, effective September 10. The decision to step down was part of Zhang's own plan.

The Chinese multinational technology company specialising in e-commerce, retail has been facing a tough time reviving growth in the post-Covid era.

The rejig at the leadership level is aimed at growth and creating a family of standalone industry giants.