Alibaba CEO Change-Up: Daniel Zhang Stepping Down From Cloud Role, Eddie Wu Taking Over
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Alibaba CEO Daniel Zhang will step down from leading the company's cloud business, sending shares tumbling.
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Zhang was meant to focus just on the cloud unit after leaving the CEO role in September.
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Instead, incoming CEO Eddie Wu will now lead cloud business as well as serve as group CEO.
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The surprise change was announced in a letter from Alibaba co-founder Joseph Tsai.
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Zhang joined Alibaba in 2007 and is known for launching the hugely popular Singles' Day sales event.
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