BEIJING, September 11 (TMTPost) -- Joseph Tsai, the Chairman of China’s e-commerce giant Alibaba Group, announced on Sunday night in a company-wide letter that the planned reshuffling within the group had been completed on that day. He has officially taken over as Chairman of the Board, and Wu Yongming has been appointed as CEO of Alibaba Group. This means that Alibaba’s “self-transformation” initiative of 1+6+N, which was launched in March this year, has been progressing as planned. Tsai praised and thanked Zhang for his outstanding achievements and contributions to the company over the past 16 years. The Alibaba Board of Directors has accepted Zhang's resignation from the posts of Chairman and CEO of Alibaba Cloud, and the vacated positions will be concurrently held by Alibaba Group’s CEO Wu Yongming. Alibaba will invest $1 billion to support Zhang Yong in establishing a future-oriented technology fund and will also award him the first-ever "Honorary Alibaba Person" title.