Former Alibaba Group Holding chairman and CEO Daniel Zhang Yong is stepping down as head of the e-commerce giant’s cloud division, a move that comes as a surprise the same day he was scheduled to hand the reins of the parent company to co-founder Joseph C. Tsai, who has taken over as chairman, reports the South China Morning Post.
Alibaba’s new CEO Eddie Wu Yongming, who like Tsai assumed his new role on Sunday, has also taken over for Zhang as acting chairman and CEO of Alibaba Cloud Intelligence Group on the same day, according to an Alibaba spokesperson.
Alibaba, announced in June that 51-year-old Zhang would resign as Alibaba CEO and chairman, but would stay on as head of the cloud unit “given the importance of Alibaba Cloud Intelligence Group as it progresses towards a full spin-off”. Zhang took over as Alibaba CEO in 2015 and as chairman in 2019.
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