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Alibaba's Daniel Zhang to step down as group chairman and CEO

Surprise move comes as tech conglomerate struggles with growth

Alibaba has been struggling to reinvigorate e-commerce growth amid fierce competition from rivals.

HONG KONG -- Alibaba Group Holding Chairman and CEO Daniel Zhang will step down from those roles as the Chinese e-commerce conglomerate struggles to spur growth amid Beijing's crackdown on the tech industry and fierce competition from rivals.

Joe Tsai, currently executive vice chairman and Alibaba founder Jack Ma's righthand man, will succeed Zhang as chairman, while Eddie Wu, chairman of online marketplace Taobao and Tmall Group, will succeed Zhang as CEO and director of the board.

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