Jack Ma has remained the public face of Alibaba and is a charismatic advocate for China’s technology industry
BS| Jack Ma will step down as executive chairman of Alibaba Group Holding Ltd. in exactly 12 months’ time with Chief Executive Officer Daniel Zhang to succeed him at Asia’s most valuable company.
Ma will remain on the board until Alibaba’s annual meeting of shareholders in 2020, the Hangzhou-based company said in a statement Monday. His retirement as executive chairman will coincide with his 55th birthday.
Ma has become synonymous with the company he helped found in his apartment nearly 20 years ago and has used the chairman’s post to develop managerial talent since ceding the CEO’s role in 2013. He is moving on with Alibaba in a dominant position in China and pushing into overseas markets from Southeast Asia to Russia. Leadership will now fall to Zhang and the 35 other partners who control the company.|Jack ma
“Starting the process of passing the Alibaba torch to Daniel and his team is the right decision at the right time because I know from working with them that they are ready,” Ma said in the statement. “Since he took over as CEO, he has demonstrated his superb talent, business acumen and determined leadership.”
A former English teacher, Ma started Alibaba.com in 1999 as a business-to-business marketplace with 17 co-founders. An investment from Japan’s SoftBank Group Corp. helped the company expand to allow consumers in China buy online and fueling its rise. Through the Taobao and Tmall platforms, it is responsible for billions of dollars in sales and last year saw daily package deliveries reach 55 million.
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