Eddie Yongming Wu will succeed Zhang as acting chairman and CEO of its cloud unit, Alibaba said Monday. In May, Alibaba announced it aimed to complete the spinoff of its cloud unit in the next 12 months and intended to make it an independent publicly listed company. Significant restructuringIn March, Alibaba announced it would split into six separate units, including cloud, e-commerce, logistics, media and entertainment. Analysts said Zhang’s departure from the cloud business came as a surprise, but should not affect a potential IPO of the unit. Tsai said in the letter that Zhang had expressed his wish to transition away from his role as chairman and CEO of the cloud unit.

Source: CNN September 11, 2023 15:04 UTC