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ATLANTA--(BUSINESS WIRE)--Sep 19, 2023--

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Chinese e-commerce giant Alibaba has announced the surprise departure of former CEO Daniel Zhang, who had been set Monday to take charge of a key subsidiary as...

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Daniel Zhang, the former CEO of Alibaba, has stepped down from his position in the tech giant’s cloud division, in a move that has shocked industry leaders. The 51-one-year-old had taken charge of the cloud division just months ago. Since the announcement by Alibaba, the component stock dropped 3 per cent on Monday in Hong Kong. “The board of our company expresses its deepest appreciation to Mr Zhang for his contributions to Alibaba Group over the past 16 years,” Alibaba said in a statement. Eddie Yongming Wu will succeed Mr Zhang as the acting chairman and CEO of its cloud unit, according to the statement. Nearly three months ago, Mr Zhang quit as company chief and said that he wanted to take care of the spin-off of its cloud business. Now, as Alibaba announced his exit from the cloud division amid the biggest-ever restructuring of the company, Mr Zhang’s exit has come as a surprise to analysts. “We were surprised by the announcement,” Citi analysts wrote on Monday. “Mr Zhang may have wanted to step back from the public spotlight, in our view,” they added, according to CNN. The cloud division is currently estimated to be worth $41bn - $60bn. However, analysts said the reams of data it oversees puts it at risk of facing regulatory scrutiny from both domestic and international regulators. Alibaba split into six business groups – including cloud, e-commerce, logistics, media and entertainment – in March in a major restructuring. “Daniel has expressed his wish to transition away from his role as chairman and CEO of Cloud Intelligence Group,” Alibaba said in the letter. “Following careful consideration, the Alibaba board respected and accepted Daniel’s decision and appointed Eddie as acting chairman and CEO of Cloud Intelligence Group, effectively immediately.” Citi analyst Alicia Yap was quoted as saying by CNBC on Monday that “investors may be concerned that the timing and process of AliCloud’s spin-off may be affected”. She added that Citi will continue to monitor developments and that they are awaiting any new announcements. CNN reported that in an internal letter to employees, Joseph C Tsai, chairman of Alibaba Group, said that he and Mr Wu are looking forward to embracing “the next phase” of Alibaba’s development. “This past March, we embarked on our most ambitious reorganisation in Alibaba’s 24-year history – “1+6+N” – in order to position the company for the future,” he wrote on Sunday, referring to the company’s organisational structure after the restructuring – 1 holding company, six business groups and various businesses. “Under Daniel’s and our team’s dedicated efforts, the reorganisation is making steady progress while our business continues to grow.” Read More Chinese e-commerce giant Alibaba announces new CEO and chairman in major management reshuffle Chinese e-commerce giant Alibaba says it will not sell shares in Ant's buyback program Chinese livestreamers set their sights on TikTok sales to shoppers in the US and Europe How Google reshaped the world – and is about to do it all over again Update your iPhone immediately The new iPhone could be the most expensive ever by far

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The Geminids meteor shower began in a “violent catastrophe”, scientists have found. Every winter, the world is delighted by the meteor shower, which brings some of the most intense display of ‘shooting stars’. But that spectacle has been rivalled by its mystery. The Geminids are unusual in that most meteor showers are created when a comet leaves behind a tail of ice and dust – but the Geminids come from an asteroid, which do not usually leave behind a tail. Asteroids are chunks of rock and metal flying around in space. The Geminids appear to originate with one called 3200 Phaethon, which for an unexplained reason is affected by the Sun and leaves behind a stream across the night sky. “What’s really weird is that we know that 3200 Phaethon is an asteroid, but as it flies by the Sun, it seems to have some kind of temperature-driven activity,” said Jamey Szalay, research scholar at the Princeton University space physics laboratory and co-author on the paper. “Most asteroids don’t do that.” Attempts to solve that mystery have struggled in part because the meteor shower has only been observed from Earth. Now, however, researchers using Nasa’s Parker Solar Probe have been better able to examine the the Geminids. They suggest that a violent, catastrophic event gave rise to the meteor shower. That could have been a high-speed collision with another object in space, for instance, or a gaseous explosion. Some researchers have previously suggested that 3200 Phaethon might really be a comet, and that it lost its snow to leave behind just a rocky core that looks like an asteroid. But the new study makes clear that the origins of the meteor shower are much more dramatic than that. In an attempt to understand the meteor shower, researchers simulated three possible formation scenarios and then compared them with models based on observations from the Parker Solar Probe. That included a less violent scenario, a more violent one, and another that was in line with a comet. When they compared those scenarios with the actual observations, they found that the violent one was the most similar. That suggests that it was the result a collision or similar dramatic event. Researchers still do not know for sure what happened. But the new study helps narrow down the possibilities – as well as shedding more light on such events in space. The findings are published in a new article, ‘Formation, Structure, and Detectability of the Geminids Meteoroid Stream’, published in Planetary Science. Read More Watch live as astronauts step out of ISS for latest spacewalk Major finding boosts hope for finding alien life in our solar system Astronomers find rare planet circling two stars like Star Wars’s Tatooine

Elizabeth Holmes, the disgraced former Theranos CEO, has "limited financial means" and should not be forced to pay $250 a month to victims of her crimes after she is released from prison, her lawyers argued in a court filing on Monday.