Daniel Zhang, who had been expected to give up his chief executive and chairman roles this month, is also leaving as head of the company’s cloud division.
The economy is open again, helping Alibaba, Baidu and Tencent claw back in the first quarter from a miserable 2022, though they will likely face continuing skepticism from investors.
The major restructuring, a possible precursor to future I.P.O.s, was announced after Jack Ma, its founder, returned to mainland China after a yearlong absence.