Alibaba's shares fell over 3% after the unexpected resignation of its outgoing CEO, Daniel Zhang, from the cloud intelligence business. Zhang will step down as CEO and chairman on September 10 to focus on the cloud business, while co-founder Wu will take over as CEO. Joseph Tsai, another co-founder, will become the chairman. Zhang will continue to contribute to Alibaba by establishing a technology fund with a $1 billion investment from the company. Alibaba also plans to spin off its cloud division as a separate, publicly traded company. The company has been facing challenges from slowing economic growth and increased regulation in China.

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