Alibaba Group will reorganise itself into six separate companies in what has been described as "the most significant governance overhaul" in the platform company’s 24-year history.
The Hangzhou-based firm is one of China's most prominent tech giants, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.
The decision to split it was therefore said to have been made to unlock shareholder value and foster market competitiveness.
Following the breakup, Daniel Zhang will continue to serve as chairman and CEO of Alibaba Group, which will follow a holding company management model, while each of the six business groups will be managed by a separate CEO and board of directors, the company has revealed.
The six new groups will be made up of the Cloud Intelligence Group, Taobao Tmall Business Group, Local Services Group, Global Digital Business Group, Cainiao Smart Logistics...