There have been reports that Alibaba has sent an internal email stating that Daniel Zhang will be stepping down as CEO of the Cloud business division. Zhang had recently taken on this position at the end of June, as part of Alibaba’s organizational restructuring plan to separate its businesses into subsidiaries.
Eddie Wu, the former head of Alibaba’s group, will be assuming an additional role as the CEO of the Cloud business division.
Alibaba Cloud, one of the key focus areas for Alibaba, has gained significant prominence since its separation into six subsidiaries. The company plans to take these subsidiaries public within 12 months, with an estimated valuation of $40-60 billion.
Daniel Zhang has been a long-standing employee of Alibaba, starting as an accountant before joining the company in 2007. One of his notable achievements was the design of the Singles’ Day discount festival, which propelled him to the position of CEO in 2015. He assumed the role of company chairman in 2019, succeeding Jack Ma, the founder.
TLDR: Alibaba’s internal email disclosed Daniel Zhang’s resignation as the CEO of the Cloud business division, with Eddie Wu appointed as his successor. The Cloud division is a key focus for Alibaba, aiming to go public within a year at a valuation of $40-60 billion. Zhang, a former accountant, joined Alibaba in 2007 and led the successful Singles’ Day festival before becoming CEO in 2015 and ultimately company chairman in 2019. [Reuters]