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 worsening downturn in the world’s second largest economy. Just three months ago, Zhang, 51, said that a key reason he wanted to step down as company chief was because he needed to focus on the spin-off of its cloud business.
” Tsai is also the owner of Brooklyn Nets and New York Liberty, and is the chairman of South China Morning Post, a Hong Kong-based newspaper owned by Alibaba Group. Significant restructuring In March, Alibaba announced it would split into six separate units, including cloud, e-commerce, logistics, media and entertainment. Each unit would be overseen by its own CEO and board of directors, and most of them would be able to pursue separate listings or fundraisings.
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