Alibaba Group Holding Ltd.’s former chief Daniel Zhang has decided to quit just months after agreeing to lead its cloud division, introducing another layer of uncertainty to China’s largest e-commerce company just as it’s navigating a complicated breakup.
Zhang decided to step down as head of Alibaba’s cloud division, the company said in an internal memo seen by Bloomberg News. The executive assumed that post — regarded as pivotal within the organization — after ceding his dual roles of chief executive officer and chairman to Eddie Wu and Joseph Tsai, respectively. Wu and Tsai, close confidantes of Alibaba co-founder Jack Ma, formally took up their positions on Sunday.
Alibaba’s shares fell as much as 3.5%, their biggest fall in three weeks, as investors pondered the ramifications for the company’s ongoing restructuring and its biggest business after e-commerce.
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