Chinese tech giant Alibaba said Tuesday it will replace its top boss, in a surprise move at the e-commerce titan as it looks to recover from years of slow growth caused by weak consumer spending and a regulatory crackdown.

Chinese tech giant Alibaba names new CEO, chairman

Alibaba Group's recently announced restructuring will allow all its business units to become more agile and enhance faster decision-making and how the firm responds to market changes, said the company's chief executive Daniel Zhang said on Thursday.

Alibaba restructuring will help make company 'more agile' and enhance decision-making, CEO says

In one of its most significant overhauls to date, Chinese tech firm Alibaba on Tuesday announced that it will be splitting into six business groups. Under the new arrangement, each of the six newly established businesses will be under the management of its own CEO and board of directors.

Alibaba undergoes 'transformation,' will split into six individual units