The executive chairman of the giant Chinese e-commerce Alibaba, Jack Ma, has announced his plan to step down this month next year. Mr. Ma makes this announcement in a letter to Alibaba customers and shareholders, following the conflicting reports over the weekend on the timing of his exit.
Jack Ma: Executive Chairman of Alibaba.
The Chinese second richest man, Jack Ma will be handing over the reins to Daniel Zhang, currently chief executive. Mr. Zhang who is 46, developed the company’s Singles’ Day promotion, which is the world’s biggest one-day online retail event.
Alibaba is known as one of the most valuable companies in the world. With its share nearly doubled in value last year.
Daniel Zhang: Chief Executive of Alibaba.
Mr. Zhang will take charge as the new executive chairman of Alibaba on 10 September 2019 which is approximately a year now, the company said in a statement. This one year handover period aimed at achieving a smooth and successful transition.
Jack Ma was previously an English teacher, later co-founded Alibaba in 1999 and has seen it become one of the world’s biggest internet companies. Mr. Ma is now the third richest man in China with a net worth of $38.6 bn, according to Forbes.
Mr. Ma said in a letter released on his 54th birthday, “Teachers always want their students to exceed them, so the responsible thing to do for me and the company to do is to let younger, more talented people take over in leadership roles”.
Jack Ma will still remain a director on Alibaba’s board until its annual shareholder meeting in 2020. He is still a permanent member of the Alibaba Partnership. Mr. Ma said he wanted to return to education. “The world is big, and I am still young, so I want to try new things” also plans to continue in his role as founding partner.
Mr. Ma also said in a statement, “The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba”. “Mr. Zhang, who has been with Alibaba for 11 years, had demonstrated superb talent since taking over as chief executive,” he said.
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