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Alibaba's Outgoing CEO Shocks Market with Cloud Business Departure

1 min read
Source: CNBC
Alibaba's Outgoing CEO Shocks Market with Cloud Business Departure
Photo: CNBC
TL;DR

Shares of Alibaba dropped over 3% after the unexpected resignation of CEO Daniel Zhang from the company's cloud intelligence business. Zhang, who had been with Alibaba for 16 years, will focus on establishing a technology fund with a $1 billion investment from Alibaba. The company plans to spin off its cloud division as a separate entity, following a major restructuring plan earlier this year. Alibaba has been facing challenges including slowing economic growth and increased regulatory scrutiny in China.

Topics:top-newsbusiness#alibaba#business#ceo#cloud-business#leadership-reshuffle#stock-market
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  1. Shares of Alibaba tumble over 3% after outgoing CEO unexpectedly quits cloud business  CNBC
  2. Alibaba’s Ex-CEO Daniel Zhang Quits  Bloomberg Television
  3. Daniel Zhang Steps Down From Alibaba  The New York Times
  4. Alibaba says Daniel Zhang quits cloud business in surprise move  Reuters
  5. Alibaba's Ex-CEO Quits as Jack Ma's Lieutenants Take Helm  Bloomberg

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