Chinese e-commerce giant Alibaba has announced the sudden departure of former CEO Daniel Zhang, who was put in charge of a key subsidiary on Monday as the company undergoes a major restructuring.
Hangzhou-based Alibaba is one of China’s most prominent technology companies, with businesses spanning cloud computing, e-commerce, logistics, media and entertainment and artificial intelligence.
After years of turmoil in the Chinese tech sector, Alibaba in March announced the largest restructuring in its history, splitting itself into six entities, with the goal of listing them separately on a stock exchange.