By Raffaele Huang Alibaba Group Holding's former chairman Daniel Zhang stepped down as chairman and chief executive of its cloud business unit on Sunday....
Alibaba Group Holding's former chairman Daniel Zhang stepped down as chairman and chief executive of its cloud business unit on Sunday.
Wu and Brooklyn Nets owner Joe Tsai, a close ally of fellow co-founder Jack Ma, also officially succeeded Zhang as Alibaba Group's CEO and Chairman, respectively on Sunday, completing a leadership reshuffle announced in June. Alibaba is aiming for a public listing of its cloud unit, the second-largest business by revenue after its domestic e-commerce division, by the spring of next year. The arm grew 4% in the April-June quarter, the slowest growth rate among the group's six divisions. At the earnings call after the results, Zhang blamed the decline in post-pandemic demand as well as that from one of its top customers.