Alibaba's Cloud Division Chief Daniel Zhang Reportedly To Step Down

(RTTNews) - Alibaba Group Holding Ltd.'s (BABA) former chief executive officer Daniel Zhang has decided to step down just months after agreeing to lead its cloud division, according to several media reports.

The Chinese e-commerce giant said in June that Eddie Yongming Wu, Chairman of subsidiary Taobao and Tmall Group, would succeed Daniel Zhang as Chief Executive Officer. Joseph Tsai, Executive Vice Chairman, would succeed Zhang as Chairman of Alibaba. Both appointments would become effective on September 10.

Alibaba reportedly said in an internal letter on Sunday that Yongming Wu will also take charge of the cloud unit after Zhang's departure.