Alibaba announces Daniel Zhang exits from cloud business
By MYBRANDBOOK
Daniel Zhang, according to Alibaba Group, will leave his position as Chairman and CEO of the company's cloud division. The move comes just two months after it was announced that he would leave his roles as group CEO and chairman to focus on the cloud unit.
Prior to this, Zhang was simultaneously serving in three positions, heading the group as well as the cloud intelligence unit. The unit is China’s largest cloud provider and is set to be spun off from Alibaba as part of the group’s restructuring.
He announced his decision through an internal letter to staff. Eddie Wu, who will also oversee the cloud section following Zhang's departure, was given the responsibility of serving as the group's CEO by him.
“The board of our company expresses its deepest appreciation to 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.
Alibaba said in May it aimed to complete the public listing of its cloud unit within the next 12 months. On Sunday, the company said it would continue to execute the spin-off plan under a separate, to be appointed management team.
“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.
“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.”
It is mentioned in the letter that Zhang will continue to contribute to Alibaba by “channeling his expertise differently”. It also said that Alibaba will invest $1 billion in a technology fund that Zhang would establish. The company has also given Zhang an “emeritus” title, a first in its history.
“The fund will support Alibaba’s strategy of investing for future growth and continuing to develop our technology ecosystem.”
Zhang has been associated with Alibaba since 2007. He was known for being the architect behind the company’s annual flagship “Singles Day” shopping festival. He became CEO in 2015 and took on the position of Chairman in 2019. He succeeded both the roles from Alibaba co-founder Jack Ma.
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