Alibaba undergoes major leadership shakeup with focus on cloud and crypto.

Alibaba CEO and Chairman Daniel Zhang will step down from his roles to focus on the company's cloud division as part of its plan to split into six business units. Eddie Yongming Wu will take over as CEO, while Executive Vice Chairman Joseph Tsai will become chairman. The reshuffle comes after increased regulatory scrutiny and the announcement of the restructuring plan in March. Alibaba aims to complete the public listing of its cloud unit within the next 12 months.