Former CEO of China’s Alibaba quits cloud business in surprise move during its leadership reshuffle

HONG KONG: The former CEO of Alibaba, Daniel Zhang, resigned as head of its cloud computing unit Monday in a surprise move as the Chinese e-commerce empire wraps up a leadership reshuffle.

Alibaba said it will invest $1 billion in a technology fund Zhang will establish to support the firm’s strategies for future growth.

Zhang stepped down on the same day he gave up his roles as Alibaba’s CEO and chairman.