By Josh Ye and Donny KwokNew group CEO Eddie Wu will concurrently become acting CEO and chairman of a unit grappling with weak sales growth ahead of an initial public offering (IPO) penned for next year. Zhang, who succeeded leading co-founder Jack Ma as group CEO in 2015 and chairman in 2019, took charge of the cloud unit in December after an outage it described as its "longest major-scale failure" in over a decade. His exit will allow the cloud business to start from a "clean slate", said Vey-Sern Ling, managing director at Union Bancaire Privee