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China’s Alibaba sees shares tumble as outgoing CEO quits cloud business

Alibaba Daniel Zhang China Eddie Wu

Daniel Zhang had been with Alibaba since 2007 [File: Yilei Sun/Reuters]

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 on Monday fell by 3.5 percent following the surprise announcement that CEO Daniel Zhang would not stay on to lead the e-commerce giant’s cloud business as planned.

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Hurricane Isaias approaches US Gulf Coast, raising storm surge fears

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One subscription that gives you access to news from hundreds of sites

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Hurricane Isaias live updates: airports close in Alabama and Florida as category 3 storm nears Gulf coast

Hurricane Isaias live updates: airports close in Alabama and Florida as category 3 storm nears Gulf coast

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