Alibaba Group Holding Ltd has announced a new chairman and chief executive, unveiling a surprise plan to replace Daniel Zhang at the helm of a company that’s been bleeding market share and struggling to revive growth in the post-Covid era.

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Executive Vice Chairman Joseph Tsai will rise to chairman while e-commerce executive Eddie Yong will replace Zhang as chief executive officer, the company said on Tuesday.

Zhang’s shock departure comes after Alibaba announced a six-way restructuring to try and juice growth and create a family of standalone industry giants. He unveiled that grand vision after China’s e-commerce leader posted its third consecutive quarter of single-digit revenue growth, reinforcing concerns that a Chinese consumer spending rebound may be farther out than anticipated.

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