Chinese e-commerce giant Alibaba Group announced on Tuesday that Joseph Tsai, currently executive vice chairman, will succeed Daniel Zhang as chairman of the company.

According to the group, Eddie Wu, the present chairman of Alibaba's e-commerce platform Taobao and Tmall Group, will succeed Daniel Zhang as Chief Executive Officer (CEO).

Both appointments will take effect on Sept. 10 this year.

Following the transition, Daniel Zhang will serve exclusively as chairman and CEO of Alibaba Cloud Intelligence Group, according to the announcement.