Alibaba Cloud Unit Head Resigns Ahead of Planned IPO, Raising Concerns Over Spin-off

Alibaba shares fell over 4% as former CEO Daniel Zhang quit the cloud unit ahead of its IPO next year.
Zhang chose to leave just 2 months after taking charge of the cloud business to focus on it full-time.
His exit raises concerns over the timing and process of the planned cloud unit spin-off and IPO.
New Alibaba group CEO Eddie Wu will take over as acting head of the cloud business.
Zhang's tenure was marked more by regulatory scrutiny than growth of the cloud unit, which posted a rare revenue decline.

yahoo.com

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