OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Asian Markets Slip as AI Spending Fears Shake Tech, Wall Street Futures Rebound 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
Australia’s December Trade Surplus Expands but Falls Short of Expectations 
US-India Trade Bombshell: Tariffs Slashed to 18% — Rupee Soars, Sensex Explodes 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
U.S. Stock Futures Edge Higher as Tech Rout Deepens on AI Concerns and Earnings 
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility 
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
Amidst the biggest reorganization in its history, Alibaba announces a leadership shakeup with CEO Daniel Zhang stepping down and Eddie Wu succeeding him. Zhang is set to helm the company's expanding cloud computing division.
Then again, while Zhang is vacating his CEO role, he is not leaving the company. He will be transferred to Alibaba’s cloud computing division and will lead the team as its new chief and chairman.
The Chinese e-commerce company made the announcement on Tuesday, June 20. The decision comes as Alibaba wants Zhang to focus on its cloud computing business.
Moreover, CNBC reported that the major management shakeup is also part of the company’s plans that were laid out in March. At that time, it mentioned the restructuring of Alibaba, which includes splitting up the company into six business groups. The division has been described as the most significant reorganization move in the entire history of the e-commerce and tech leader.
The main aim of the restructuring is to give new energy to the company amid the slowdown in economic growth in its own home market. It is also being carried out to comply with the tougher business regulations in Beijing.
In an internal memo that was sent to the company’s staff, Zhang said, “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.”
He went on to say, “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. From a corporate governance perspective, we also need clear separation between the board and management team as Cloud Intelligence Group proceeds down the path to becoming an independent public company.”
Meanwhile, CNN Business reported that the appointment of Daniel Zhang and Eddie Wu in their new roles at Alibaba will take effect in September. This is the second leadership change in recent years since Jack Ma moved away from the firm in 2019.
Photo by: N509FZ/Wikimedia Commons(CC BY-SA 4.0)
