Japanese Yen Rallies as Intervention Hopes and BOJ Outlook Weigh on USD/JPY 
Asian Stocks Slide as AI Selloff Hits South Korea, Oil Prices Drop on Iran Talks 
RBI Holds Repo Rate at 5.25% as Inflation Risks and Global Uncertainty Persist 
Apple Restores Telegram to App Store After Content Policy Violation 
SpaceX Earnings Preview: Bernstein Says 4 Key Factors Will Drive Long-Term Valuation 
Asian Currencies Mixed as Yen Retreats, Traders Eye U.S.-Iran Talks and Fed Data 
Australia Job Ads Rise in July, Signaling Strong Labor Market Despite High Interest Rates 
Gulf Shipping Traffic Steady as U.S.-Iran Talks Remain Uncertain 
US Stock Futures Edge Higher as Tech Rally Continues Despite SpaceX and AMD Earnings Pressure 
KOSPI Drops Nearly 5% as Samsung, SK Hynix Lead AI Stock Selloff 
Gold Prices Rise as Trump Delays Iran Strike, Oil Slumps 
BYD July Global Vehicle Sales Rise 22% as Overseas Demand Surges 
Glencore Posts Strong H1 2026 Earnings, Announces ASX Secondary Listing 
German Bund Yields Hit Three-Week Low as Energy Prices Ease and ECB Outlook Softens 
Vast Eyes Hong Kong IPO as Chinese AI Unicorn Gains Momentum 
Daniel Zhang has unexpectedly resigned as head of Alibaba's cloud division after just two months. Zhang, who recently shifted focus from his CEO role, will be replaced by Eddie Wu amid the company's larger restructuring plans.
On Sunday, Sept. 10, Alibaba Group said that Zhang has stepped down and will be replaced by Eddie Wu. Moreover, what makes his decision to quit more surprising is the fact that he gave up his chief executive and chairman role in June so he could dedicate his time to the company's cloud unit, and now, he is leaving this same division.
As per Reuters, Zhang has been simultaneously serving three executive roles in the past, and at that time, he was also leading Alibaba's cloud intelligence unit. This division is said to be the largest cloud service provider in China. It was recently formed as part of Alibaba's restructuring scheme that saw the company being split up into six units with their own board, chairmans and CEOs.
In any case, the Chinese e-commerce and technology company shared that Zhang announced his departure from the cloud business through an internal letter that was sent to his staff. The note also affirmed the appointment of Wu as his replacement.
Alibaba has big plans for its cloud unit. An IPO is being planned for it, and the target is making this happen within the next 12 months. To achieve this, the group said it will continue implementing the cloud business's spin-off plan and appoint a management team.
"The board of our company expresses its deepest appreciation to Mr. Zhang for his contributions to Alibaba Group over the past 16 years," Joseph Tsai, Alibaba's executive vice chairman, said in the announcement of Zhang's departure from the cloud unit. "Daniel has expressed his wish to transition away from his role as chairman and CEO of Cloud Intelligence Group."
He added, "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."
Meanwhile, Zhang will still be part of the Alibaba Group, and Tsai said he will just "switch to a different approach and continue to fight alongside us at the company." Nikkei Asia reported that the outgoing head of the cloud unit will also be given an "emeritus" title, a first in the history of Alibaba.
Photo by: N509FZ/Wikimedia Commons(CC BY-SA 4.0)
