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By Raffaele Huang
Alibaba Group Holding’s former chairman Daniel Zhang stepped down as chairman and main government of its cloud small business unit on Sunday.
Eddie Wu, an Alibaba co-founder, has turn into performing head of the cloud unit soon after Zhang’s departure, an Alibaba spokesperson stated in a statement.
Wu and Brooklyn Nets owner Joe Tsai, a shut ally of fellow co-founder Jack Ma, also officially succeeded Zhang as Alibaba Group’s CEO and Chairman, respectively on Sunday, completing a management reshuffle announced in June.
The Chinese tech behemoth is undergoing a reorganization that will crack itself into various unbiased corporations, as it seeks to be much more nimble and makes an attempt to get its main e-commerce enterprise back on a growth monitor amid fierce competition.
Alibaba is aiming for a general public listing of its cloud unit, the second-premier business enterprise by income after its domestic e-commerce division, by the spring of up coming yr. The arm grew 4% in the April-June quarter, the slowest progress amount between the group’s 6 divisions. At the earnings simply call right after the outcomes, Zhang blamed the decrease in write-up-pandemic desire as properly as that from a single of its prime consumers.
A separate management group will be appointed to head up the cloud device, the enterprise spokesperson explained.
Zhang, who became CEO of the device final yr, explained in June that he would be absolutely devoted to the cloud organization.
Zhang volunteered to resign from the cloud device and will established up a fund to support Alibaba’s technological know-how ecosystem and expenditure, Tsai explained in a letter despatched to Alibaba workforce on Sunday that was viewed by The Wall Avenue Journal.
Tsai reported in the letter that Alibaba strategies to make investments $1 billion in the fund.
A former PricewaterhouseCoopers money guide, Zhang joined Alibaba in 2007 to guide the finance and functions of Taobao-Alibaba’s flagship marketplace-and grew to become the group’s chairman in 2019 when Ma stepped down.
Generate to Raffaele Huang at raffaele.huang@wsj.com
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