Africa Business News

China’s tech giant Alibaba has announced that its outgoing chief executive will also step down from its cloud business, sending the company’s shares tumbling. Alibaba shares fell by 3.5 per cent following the surprise announcement that CEO Daniel Zhang would not stay on to lead the e-commerce giant’s cloud business as planned. Alibaba announced in June that Zhang would step down as group CEO to focus solely on leading the cloud intelligence unit. Eddie Wu, who was set to take over from Zhang as group CEO and director in September, will now serve concurrently as chairman and CEO of the cloud business on an interim basis.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement