Alibaba CEO Daniel Zhang stepping down to focus on Alibaba Cloud division spinoff
June 20, 2023
Daniel Zhang is stepping down as CEO and chairman of Alibaba Group to focus on the company’s cloud division, one of five business units the Chinese e-commerce giant plans to spin off. Mr. Zhang wrote in a memo to the company’s staff that the time was right for him to leave the post as Alibaba moves ahead with its plan to split into six independent business units. Mr. Zhang is known as “the architect behind the company’s annual flagship “Singles Day” shopping festival.”
Alibaba Cloud Division Is Top Priority of Daniel Zhang
After Alibaba announced it was restructuring into into six separate business units, Daniel Zhang decided that he would take step down as CEO and take charge of the Alibaba Cloud Division.
Daniel Zhang’s memo declared that the cloud spin-off was entering a critical stage and this marked the perfect time for him to focus on its development.
According to Reuters, “From a corporate governance perspective, we also need clear separation between the board and management team as the Cloud Intelligence Group proceeds down the path to becoming an independent public company,” he said.
With exceedingly high layoffs in the retail e-commerce and tech industries, the success of Alibaba is a beacon of hope.
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