China's Alibaba says Daniel Zhang quits cloud business in surprise move

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSWatch onSHANGHAI -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.

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. Alibaba said in May it aimed to complete the public listing of its cloud unit within the next 12 months and on Sunday the company said it would continue to execute the spin-off plan under a separate, to be appointed management team.

"Following careful consideration, the Alibaba board respected and accepted Daniel's decision and appointed Eddie as acting chairman and CEO of Cloud Intelligence Group, effectively immediately."

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