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.
Source: News Formal (newsformal.com)