Alibaba CEO Daniel Zhang Stepping Down from Cloud Business in Surprise Move

Alibaba CEO Daniel Zhang will step down from cloud business in surprise move
Zhang was set to leave his roles as group CEO and chairman to focus on cloud
He was scheduled to hand over group CEO role to Eddie Wu, who will now also lead cloud business
Alibaba board thanked Zhang for his 16 years of contributions
Company said it will invest $1B in a tech fund Zhang will establish as he "channels his expertise differently"

reuters.com

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