Alibaba says Daniel Zhang quits cloud business in surprise move
Alibaba says Daniel Zhang quits cloud business in surprise move: Alibaba Global (9988. HK) stated on Sunday that Daniel Zhang, the firm’s global CEO and chairman, would stand down from its cloud division, in an unexpected move barely two months after the company announced he would quit his duties as group CEO and chairman to concentrate on the cloud segment.
Zhang previously held three positions at the same time, leading the firm as well as its cloud section. On Sunday, he turned over the post of group CEO to Eddie Wu, who would also oversee the cloud business after Zhang’s departure, according to a corporate statement.
The cloud business is a key component of the Chinese e-commerce giant’s March reorganization, which divides the firm into six parts, each with its own board of directors and CEO.
Alibaba announced in May that it hoped to complete the public listing of its cloud operation within the next 12 months, and the firm said on Sunday that it will continue to carry out the spin-off plan under a separate, yet-to-be-appointed management team.
The letter also said that Zhang would continue to contribute to Alibaba by “channeling his expertise differently,” and that Alibaba will spend $1 billion on a technology fund that Zhang will create.
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