Alibaba announced on Monday the departure of its former boss, to whom it “expresses its deep gratitude,” it said in a statement to the Hong Kong stock exchange.
The Chinese e-commerce giant Alibaba announced that its former CEO Daniel Zhang He will finally leave the group and his position as Executive Director of its cloud business and the shares plummeted on the stock market Hong Kong. On Wall Street, in premarket, securities lost less than 1%.
After several turbulent years in China for technology companies, Alibaba announced in March the largest reorganization of its history that provided for a division into six different entities. Daniel Zhang, historical figure of the company, was going to be replaced and reassigned to the management of one of the new subsidiaries dedicated to cloud services.
But two months after the appointment, Alibaba announced on Monday the departure of his former boss, to whom he “expresses his deep gratitude,” he said in a statement to the Hong Kong Stock Exchange. Alibaba He gave no explanation for the decision.
The group, also dedicated to logistics, media or artificial intelligence, is now led by Eddie Yongming Wu as president and Joseph C. Tsai as CEO.
“The board of directors of our company expresses its deepest gratitude to the Mr. Zhang for their contributions to Alibaba Group for the last 16 years,” Alibaba highlighted in the aforementioned statement.
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Photo: Reuters
Alibaba: the trajectory of Daniel Zhang in the group
It should be remembered that Zhang was executive director of the Alibaba Group since 2015 and president of the group since 2019. He has also been president and CEO of Alibaba Cloud Intelligence Group since 2022.
“The company will continue to execute its previously announced plan to spin off Alibaba Cloud Intelligence Group under a separate management team to be appointed”, subject to the management plan restructuring announced in March (Alibaba was divided into six business groups, with the goal that each unit raise external financing and listed on the stock exchange) and the relevant approvals, the firm added.
However, it seems that Zhang will continue to contribute to Alibaba “channeling their experience differently,” according to one internal letter to the staff echoed by ‘Reuters’. In it, it was also said that Alibaba will invest US$1 billion in a technology fund that Zhang would establish.
Source: Ambito
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