Outgoing Alibaba CEO Daniel Zhang said the cloud business is 'now full speed ahead on its spin-off plans,' and that is a reason why he is stepping down as group boss.
, while company veteran Eddie Wu will succeed him as CEO, and Joe Tsai will take over as chairman, Alibaba announced Tuesday.to split the company into six business groups, each with the ability to raise outside funding and go public.
"Cloud Intelligence Group is now full speed ahead on its spin-off plans and we are approaching a crucial stage of the process, so it is the right time for me to dedicate my full attention and time to the business," Zhang said in a memo to staff obtained by CNBC. CEO of Alibaba Group Daniel Zhang Yong delivers speech at Hangzhou International Expo Centre on May 31, 2018 in Hangzhou, Zhejiang Province of China.Zhang said the decision to step down was part of his own plan., Zhang said cloud computing will be the company's "main business" in the future, underscoring his bullishness regarding the technology.Since becoming CEO of Alibaba Group in May 2015, it has become my custom to send several letters to everyone every year.
As everyone is well aware, the development of core technologies such as cloud computing, big data and AI will lead to a tremendous transformation of our society and is of utmost strategic significance. Cloud Intelligence Group is now full speed ahead on its spin-off plans and we are approaching a crucial stage of the process, so it is the right time for me to dedicate my full attention and time to the business.
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