E-commerce giant Alibaba Group on Tuesday announced that the current Chairman and CEO, Daniel Zhang, will step down from his position, and Eddie Yongming Wu will replace him as the company’s CEO. 

Joseph Tsai, the current executive vice chair, will replace as chairman of the group, while Eddie Yongming Wu, Chairman of Taobao and Tmall Group, will take over as CEO. Wu will also retain his post as head of Taobao. 

Eddie Yongming Wu is one of Alibaba’s co-founders, a member of the Alibaba Partnership, and was also the company’s technology director during its inception in 1999. 

Zhang joined Taobao as its chief financial officer in 2013 before being promoted to lead the e-commerce hub Tmall and ultimately appointed CEO of Alibaba in 2015.

Zhang has been the group’s CEO, Chairman, and head of the cloud intelligence unit since December last year. Zhang will continue to helm the intelligence unit as the e-commerce giant seeks to spin off and potentially list six of its biggest units in the coming year.

The changes in top leadership come just a few months after Alibaba flagged plans to split itself into six independent and potentially listed units, with the core firm transitioning to more of a holding entity. 

Alibaba’s Hong Kong shares were trading down 1.5% on Tuesday by midday, while the broader Hang Seng index sank over 1%.