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Alibaba Stock Falls After Former CEO Steps Down From Cloud Business

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Daniel Zhang was due to stand down as CEO on Sunday to focus on the cloud unit, which is set to be spun off as the company separates into six parts.

Shares of Alibaba Group were falling on Monday after the company said former CEO Daniel Zhang was stepping down as head of the cloud business.

Reuters and the South China Morning Post reported Zhang’s departure on Sunday, citing an internal memo at the company. Alibaba didn’t immediately respond to a request for comment from Barron’s.

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