Alibaba Group reshuffles top deck

Alibaba Group Holding Ltd's chairman and CEO Zhang Yong will step down from his current roles to focus on its cloud division, the Chinese tech heavyweight said on Tuesday.

Industry analysts said the move is in line with the company's overall restructuring plan and will improve corporate governance amid mounting competition from local rivals.

Joseph Tsai, Alibaba's executive vice-chairman, will succeed Zhang as chairman, while Wu Yongming, chairman of Taobao and Tmall Group, will be the chief executive officer.