Alibaba’s former CEO, Daniel Zhang, has chosen to step down as the head of the company’s cloud division, a move that adds uncertainty to the e-commerce giant as it undergoes a complex corporate restructuring.
Zhang had taken on the role of leading the cloud division after relinquishing his positions as CEO and chairman.
Alibaba is splitting into several standalone companies covering various sectors.
This shift occurs as the company attempts to regain its footing after facing regulatory challenges and increased competition.
Zhang will now manage a $1 billion technology investment fund on behalf of Alibaba. His successor in the cloud business will need to navigate this critical segment.
