Joseph Tsai, executive vice chairman and cofounder of Alibaba Group, will succeed Daniel Zhang as chairman, according to an announcement by the Chinese internet giant on Tuesday.

Eddie Wu, chairman of Alibaba's e-commerce platform Taobao and Tmall Group, will succeed Zhang as chief executive officer and replace him on the company's board of directors.

Both appointments will take effect on September 10, 2023, the company said.

- This is breaking news and will be updated