Alibaba's Outgoing CEO Shocks Market with Cloud Business Departure
TL;DR Summary
Shares of Alibaba dropped over 3% after the unexpected resignation of CEO Daniel Zhang from the company's cloud intelligence business. Zhang, who had been with Alibaba for 16 years, will focus on establishing a technology fund with a $1 billion investment from Alibaba. The company plans to spin off its cloud division as a separate entity, following a major restructuring plan earlier this year. Alibaba has been facing challenges including slowing economic growth and increased regulatory scrutiny in China.
- 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 says Daniel Zhang quits cloud business in surprise move Reuters
- Alibaba's Ex-CEO Quits as Jack Ma's Lieutenants Take Helm Bloomberg
Reading Insights
Total Reads
0
Unique Readers
1
Time Saved
1 min
vs 2 min read
Condensed
72%
279 → 79 words
Want the full story? Read the original article
Read on CNBC