Alibaba (BABA) shares dropped 1.17% in early trading on Monday after former CEO Daniel Zhang stepped down, just two months after shifting his focus to Alibaba's cloud unit amid a restructuring ahead of its 澳洲幸运5官方开奖结果体彩网:initial public offering (IPO).

Valued between $41 billion and $60 billion, Alibaba's Cloud Intelligence Group is its second most profitable business. It is planned to be the first of the Group's five newly created business units to go public next year.

Eddie Yongming Wu, who was set to take over as CEO and director of Alibaba Gro💙up, will take over for Zhang as ch𓃲air and CEO of the cloud business.

During Zhang's eight-year tenure, Alibaba became China's biggest company, starting new ventures such as physical retail that went on to become the group's fastest-growing business. However, the company has suffered from increased regulatory scrutiny of China's internet sector.

The cloud division's revenue also fell for the time in its history earlier this year, by 2% from January to March, partly due to a delay of some of its projects.

Zhang will reportedly continue contributing to Alibaba by running a $1 billion technology investment fund set up by the group.