Alibaba's Former CEO Daniel Zhang's Departure Causes Share Slide
TL;DR Summary
Alibaba's stock dropped over 4% after former CEO Daniel Zhang unexpectedly quit the company's cloud computing unit, raising concerns about the impact on the subsidiary's planned IPO next year. Zhang had recently chosen to focus solely on the cloud unit, which has been facing weak sales growth. Eddie Wu, the new group CEO, will take over as acting CEO and chairman of the unit. Despite Zhang's departure, Alibaba intends to proceed with the spinoff of the cloud unit under a yet-to-be-appointed management team.
- Alibaba shares slide 4% after former CEO quits cloud unit Reuters
- Shares of Alibaba tumble over 3% after outgoing CEO unexpectedly quits cloud business CNBC
- Alibaba’s Ex-CEO Daniel Zhang Quits Bloomberg Television
- Daniel Zhang Steps Down From Alibaba The New York Times
- Alibaba's Daniel Zhang Exits Chinese Internet Giant Entirely Investor's Business Daily
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