Alibaba, the Chinese e-commerce behemoth, has announced that Joseph C. Tsai will succeed Daniel Zhang as group chairman. Eddie Wu will succeed Zhang as group CEO. The change goes into effect on September 10.

Tsai is the current executive vice chairman of Alibaba and the owner of the Brooklyn Nets basketball team. Wu is one of Alibaba’s founders and served as the company’s first CTO in 1999. He has since held leadership positions at key business units such as Taobao and Alipay, and he is currently the chairman of Taobao and Tmall Group.

Zhang, who succeeded Jack Ma as company chairman in 2019, is overseeing the largest transformation in Alibaba’s history. The $240 billion company plans to restructure itself into a holding company with shares in six distinct business groups, each of which will be able to raise their own cash or possibly go public.

Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group, and Digital Media and Entertainment Group will be among the six units.

Zhang will head Cloud Intelligence Group as chairman and CEO.

“This is the right time for me to make a transition, given the importance of Alibaba Cloud Intelligence Group as it progresses towards a full spin-off. I look forward to working closely with Joe and Eddie in the coming months to ensure a seamless transition,” said Zhang.

Alibaba saw its stock surge in early 2000, eventually culminating to the then-largest IPO in Wall Street history, raising $25 billion in 2014. However, once the price reached an all-time high of $300 per share in late 2020, a variety of events, notably Ma’s spat with Beijing, precipitated a steep decline.