Wednesday, 24 July 2024
Trending
BusinessLatest News

The CEO of Alibaba resigns

  • Daniel Zhang has announced his resignation from Alibaba.
  • In China, Alibaba has long been associated with online shopping.
  • Tsai is well known for his lengthy relationship with Jack Ma and has served as the company’s public face for a long time.

The leader of the company‘s cloud division, Daniel Zhang, has announced his resignation from Alibaba, a leading provider of Chinese technology. Alibaba co-founder Joseph Tsai and CEO Eddie Yongming Wu will succeed Zhang in their positions.

After taking over as the head of Alibaba’s cloud computing subsidiary in March as part of a restructuring, Zhang had been anticipated to keep that position. After it was revealed in June that he would be replaced by two important figures from the old guard of the internet company, Zhang’s position at Alibaba, however, came into question.

CEO of Alibaba

Wu will act as interim president of the cloud division. Eddie was chosen by the Alibaba board to serve as the interim chairman and CEO of the Cloud Intelligence Group after the Alibaba board recognized and accepted Zhang’s decision.

In China, Alibaba has long been associated with online shopping, but it has now branched out into digital payments, delivery services, travel arrangements, and entertainment.

As part of a larger initiative to tighten oversight of its internet titans, the firm has recently been under fire from the Chinese government.

Tsai, the new chair, is well known for his lengthy relationship with Jack Ma, the Chinese billionaire who co-founded Alibaba and has served as the company’s public face for a long time.

Zhang will stay on staff with the business and be in control of a $1 billion technology investment fund that Alibaba is presently launching.

Related posts
Business

Major LTCG Tax Rate Reduction Benefits Real Estate Investors

LTCG tax rate on real estate reduced from 20% with indexation to 12.5% without indexation. The…
Read more
Business

Reliance-Disney Merger Faces Intense Antitrust Scrutiny in India

The Competition Commission of India (CCI) has posed around 100 questions regarding the…
Read more
Business

Federal Soft Systems Ventures into AI-Powered Interactive Toys

Federal Soft Systems is entering the interactive AI toy market. AI in toys can enhance…
Read more
Newsletter
Become a Trendsetter

To get your breaking, trending, latest news immediately without diluting its truthfulness join with worldmagzine immediately.

Leave a Reply

Your email address will not be published. Required fields are marked *

IndiaLiveWorld

Safety Measures and Planning for G20 Meet in Delhi

Worth reading...