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Alibaba's outgoing CEO Daniel Zhang quits cloud business in surprise move

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By Brenda Goh SHANGHAI (Reuters) -China's Alibaba Group on Sunday announced that Daniel Zhang will step down from its cloud business, in a surprise move ...

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSWatch onSHANGHAI -China's Alibaba Group on Sunday announced that Daniel Zhang will step down from its cloud business, in a surprise move just two months after the company said he would leave his roles as group CEO and chairman to focus on the cloud unit.

"The board of our company expresses its deepest appreciation to Mr Zhang for his contributions to Alibaba Group over the past 16 years," Alibaba said in a statement that simply announced that Wu would succeed Zhang in his roles at the cloud unit.The cloud business is a major part of a restructuring the Chinese e-commerce giant announced in March that breaks the company up into six units, each with its own boards and CEOs.

"Daniel has expressed his wish to transition away from his role as chairman and CEO of Cloud Intelligence Group," the company said in the letter that was signed by Joseph Tsai, an Alibaba co-founder who also took over the chairman role from Zhang as planned on Sunday. "The fund will support Alibaba's strategy of investing for future growth and continuing to develop our technology ecosystem."

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China's Alibaba says Daniel Zhang quits cloud business in surprise moveSHANGHAI (Reuters) -China's Alibaba Group said on Sunday that Daniel Zhang will step down from its cloud business, in a surprise move just two months after the company announced he would leave his roles as group CEO and chairman to focus on the cloud unit. Zhang had previously been concurrently serving in three roles, heading the group as well as its cloud unit. As scheduled, he handed over the role of group CEO to Eddie Wu on Sunday, who will also take charge of the cloud business after Zhang's departure, the company said in a statement.
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China's Alibaba says Daniel Zhang quits cloud business in surprise moveBy Brenda Goh SHANGHAI (Reuters) -China's Alibaba Group said on Sunday that Daniel Zhang will step down from its cloud business, in a surprise move just ...
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