Former CEO of Alibaba Daniel Zhang resigns from the post of cloud unit president, Joseph Tsai gets the responsibility
According to news agency AP, Zhang stepped down on the same day he resigned from his role as Alibaba's CEO and chairman. In a filing to the Hong Kong Stock Exchange, Alibaba said its new CEO Eddie Wu will also lead its cloud unit. Alibaba is reorganizing itself into six business units.
The Weekly Mail Post 
Alibaba's former CEO, Daniel Zhang, has resigned as head of its cloud computing unit in a surprise move on Monday. The reason behind this is that the Chinese e-commerce company has reshuffled its leadership. Alibaba said it would invest US$1 billion in a technology fund set up by Zhang to support the company's strategies for future growth. Come, let us know about the complete news.
Joseph Tsai becomes the new president of Alibaba
According to news agency AP, Zhang stepped down on the same day he resigned from his role as Alibaba's CEO and chairman. In a filing to the Hong Kong Stock Exchange, Alibaba said its new CEO Eddie Wu will also lead its cloud unit. Wu and Alibaba's new Chairman Joseph Tsai assumed their new roles as of Monday. Regarding this, Alibaba said that they have "completed their leadership transition."
Daniel Zhang will also continue services
Alibaba expressed its deep appreciation to Zhang for his contributions to the company over the past 16 years. Alibaba's Hong Kong stock price fell 3.6 percent on Monday following the announcement. In an internal letter written on Sunday and seen by news agency AP, Tsai wrote that Zhang had expressed his desire to step away from his role as head of the cloud business and that the Alibaba board respected and accepted Daniel's decision. Did. "Daniel will continue to contribute to Alibaba by channeling his expertise in a different way," Tsai wrote.
What is the company's plan?
Alibaba is reorganizing itself into six business units, with the aim of eventually spinning off most of them and listing them to maximize shareholder returns. In May, the company said it aimed to list its cloud unit within the next 12 months.
It reaffirmed that plan on Monday. Zhang joined Alibaba in 2007 and is known for organizing the company's annual Singles Day online shopping festival. In 2015, he took over as CEO of Alibaba from co-founder Jack Ma and in 2019, he succeeded Ma as chairman.
