Alibaba ex-CEO Zhang quits co, Jack Ma’s confidants take over

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Alibaba Group’s former chief Daniel Zhang has determined to give up simply months after agreeing to guide its cloud division, introducing one other layer of uncertainty to China’s largest e-commerce firm simply because it navigates an advanced breakup.
Zhang determined to step down as head of Alibaba’s cloud division, the corporate mentioned in an inner memo seen by Bloomberg on Sunday. The manager assumed that submit after ceding his twin roles of CEO and chairman to Eddie Wu and Joseph Tsai, respectively. Wu and Tsai – each shut confidants of Alibaba co-founder Jack Ma – took up their positions on Sunday.
Zhang’s departure ends a storied tenure throughout which Alibaba grew to become China’s largest firm and ventured into new arenas resembling bodily retail. An Alibaba consultant confirmed Zhang’s departure. The previous CEO will now steer a $1-billion know-how funding fund on Alibaba’s behalf.

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