Daniel Zhang, the former CEO of Alibaba, has stepped down from his position in the tech giant’s cloud division, in a move that has shocked industry leaders. The 51-one-year-old had taken charge of the cloud division just months ago. Since the announcement by Alibaba, the component stock dropped 3 per cent on Monday in Hong Kong. “The board of our company expresses its deepest appreciation to Mr Zhang for his contributions to Alibaba Group over the past 16 years,” Alibaba said in a statement. Eddie Yongming Wu will succeed Mr Zhang as the acting chairman and CEO of its cloud unit, according to the statement. Nearly three months ago, Mr Zhang quit as company chief and said that he wanted to take care of the spin-off of its cloud business. Now, as Alibaba announced his exit from the cloud division amid the biggest-ever restructuring of the company, Mr Zhang’s exit has come as a surprise to analysts. “We were surprised by the announcement,” Citi analysts wrote on Monday. “Mr Zhang may have wanted to step back from the public spotlight, in our view,” they added, according to CNN. The cloud division is currently estimated to be worth $41bn - $60bn. However, analysts said the reams of data it oversees puts it at risk of facing regulatory scrutiny from both domestic and international regulators. Alibaba split into six business groups – including cloud, e-commerce, logistics, media and entertainment – in March in a major restructuring. “Daniel has expressed his wish to transition away from his role as chairman and CEO of Cloud Intelligence Group,” Alibaba said in the letter. “Following careful consideration, the Alibaba board respected and accepted Daniel’s decision and appointed Eddie as acting chairman and CEO of Cloud Intelligence Group, effectively immediately.” Citi analyst Alicia Yap was quoted as saying by CNBC on Monday that “investors may be concerned that the timing and process of AliCloud’s spin-off may be affected”. She added that Citi will continue to monitor developments and that they are awaiting any new announcements. CNN reported that in an internal letter to employees, Joseph C Tsai, chairman of Alibaba Group, said that he and Mr Wu are looking forward to embracing “the next phase” of Alibaba’s development. “This past March, we embarked on our most ambitious reorganisation in Alibaba’s 24-year history – “1+6+N” – in order to position the company for the future,” he wrote on Sunday, referring to the company’s organisational structure after the restructuring – 1 holding company, six business groups and various businesses. “Under Daniel’s and our team’s dedicated efforts, the reorganisation is making steady progress while our business continues to grow.” Read More Chinese e-commerce giant Alibaba announces new CEO and chairman in major management reshuffle Chinese e-commerce giant Alibaba says it will not sell shares in Ant's buyback program Chinese livestreamers set their sights on TikTok sales to shoppers in the US and Europe How Google reshaped the world – and is about to do it all over again Update your iPhone immediately The new iPhone could be the most expensive ever by far

REDMOND, Wash.--(BUSINESS WIRE)--Sep 28, 2023--

A U.S. antitrust regulator said on Tuesday it will sue to stop Amgen's $27.8 billion deal for Horizon

The Fortnite OG map schedule throughout November 2023 reveals when all the Chapter 1 updates are coming, including new weapons and POIs.

By Stamos Prousalis and Lefteris Papadimas ATHENS (Reuters) -Wildfires burned for a third day west of the Greek capital Athens

Ford is recalling over 422,000 SUVs in the U.S. because the image from the rear camera may not be displayed

TL;DR: The Apple Watch Series 8 is on sale for £379 this Prime Day. This

After targeting the consumer market, AMD is trying to expand its reach into business laptops

The Canadian government on Monday announced new licence conditions requiring mobile carriers to provide all of Toronto's subway

Apple is planning a cheaper version of its upcoming Vision Pro headset, according to reports – though it will still be far from cheap. The company announced its Vision Pro in June, starting at $3,500, and said that it would be coming in early 2024. Immediately, many noticed that the inclusion of the “Pro” in the name suggested that a cheaper version might also be on its way. Now new reports suggest that cheaper headset will cost as much as $2,500. The company is aiming for a price of $1,500 to $2,500, according to a new report from Bloomberg reporter Mark Gurman. That would still be considerably more expensive than other augmented reality headsets. The new Meta Quest 3, for instance, starts at $499, and the company has suggested that its lower price is one of the key ways it aims to compete with Apple. To make it cheaper, Apple is aiming to drop one of the key features from the Vision Pro, known as EyeSight. That is a screen that shows a virtual version of the wearer’s eyes on the front of the headset, to make conversations more natural and to give a sense of what the person is doing on the inside. The cheaper headset is also rumoured to include a cheaper processor – likely one from the iPhone, rather than the Mac chip that powers the Vision Pro – as well as fewer cameras and a less high-quality display. Apple has moved resources towards building the cheaper version, Mr Gurman reported in his Bloomberg newsletter. That has also meant moving staff away from devoted the augmented reality glasses that have been assumed to be the end goal of Apple’s work in headsets, but which he suggested had proven “too technically challenging” so far. Read More Google is about to ditch passwords forever You need to update your new iPhone if you want to avoid it getting hot Apple is preparing an urgent iPhone 15 update after they started overheating

BELMONT, Calif.--(BUSINESS WIRE)--Aug 3, 2023--

Carmakers and steelmakers are sealing deals for green steel, and using them to tout their environmental credentials. The