US EditionFormer CEO of China's Alibaba quits cloud business in surprise move during its leadership reshuffle
- Alibaba Group's Hong Kong-listed shares dropped over 4% following the unexpected departure of outgoing CEO Daniel Zhang from the company's cloud computing business. Zhang was scheduled to hand over the role to Eddie Wu, who will now also take charge of the cloud business.
- The cloud unit, China's largest cloud provider, is set to be spun off from Alibaba as part of the company's restructuring. Zhang will continue to contribute to Alibaba by establishing a technology fund, with the company investing $1 billion into it. Zhang has also been given an "emeritus" title, a first in Alibaba's history.
- Analysts estimate the cloud unit to be worth $41 billion to $60 billion, but regulatory concerns may arise due to the large amount of data it oversees. Following the news, Alibaba's stock fell to its lowest point since August 23.
40 Articles
40 Articles
Former Alibaba CEO quits cloud unit in surprise move amid landmark restructuring
By Laura He, CNN Hong Kong (CNN) — Daniel Zhang, the outgoing chairman and CEO of Alibaba, has stepped down from his position running the company’s cloud division in a surprise move announced just months after he assumed the pivotal role. Alibaba’s stock tumbled 3% on Monday in Hong Kong following the announcement. Zhang will now fully exit the Chinese tech giant’s core management team as it undertakes its biggest ever restructuring amid a worse…
Former Alibaba CEO quits cloud unit in surprise move amid landmark restructuring
Daniel Zhang, the outgoing chairman and CEO of Alibaba, has stepped down from his position running the company's cloud division in a surprise move announced just months after he assumed the pivotal role.
Alibaba announces surprise departure of ex-CEO
Former Alibaba Group Holding chairman and CEO Daniel Zhang Yong is stepping down as head of the e-commerce giant's cloud division, a move that comes as a surprise the same day he was scheduled to hand the reins of the parent company to co-founder Joseph C. Tsai.
Former CEO of China's Alibaba quits cloud business in surprise move during its leadership reshuffle
HONG KONG (AP) -- The former CEO of Alibaba, Daniel Zhang, resigned as head of its cloud computing unit Monday in a surprise move as the Chinese e-commerce empire wraps up a leadership reshuffle.
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