Alibaba Group Holding Ltd.'s former chief executive Daniel Zhang has resigned his post as head of its cloud business, completing his exit as new leadership takes the helm of China's largest e-commerce company.
Zhang has decided to step down as head of Alibaba's cloud division, the company said in an internal memo seen by Bloomberg News on Sunday. The executive assumed that post just months ago, after ceding his post of CEO and Chairman to Eddie Wu and Joseph Tsai, respectively. Wu and Tsai, both longstanding confidantes of Alibaba co-founder Jack Ma, formally took up their positions on Sunday.
An Alibaba representative confirmed Zhang's departure. The former CEO has now decided to relinquish his post at Alibaba's cloud unit, according to the memo. He will instead steer a $1 billion technology investment fund on Alibaba's behalf.