Alibaba's Jack Ma to step down as chairman in September 2019

Alibaba CEO Zhang to succeed Jack Ma as Chairman

Reuters

China's richest man and Alibaba Group Holding CEO Jack Ma has announced that one year from today, September 10, 2019, Daniel Zhang will him succeed as chairman of the board of Alibaba Group.

Mr Ma, one of China's richest men, will hand over the reins to Daniel Zhang, now Alibaba's chief executive. Ma handed over the CEO's post to Zhang in 2013 as part of what he said was a succession process developed over a decade.

Afterwards the 54-year-old entrepreneur plans to stay on the board of directors until the annual shareholders meeting in 2020.

"I will work closely with Daniel to ensure a smooth and successful transition", Ma said in a letter released by the company.

But it is still extremely rare for a founder of big and transformative tech firm, especially one with a cult-like status like Ma, to retire so early.

He said Mr Zhang, who has been with Alibaba for eleven years, had demonstrated "superb talent" since taking over as chief executive.

Cantona Backs Guardiola Over Mourinho
City and United are massive clubs, and working with Pep Guardiola or Mourinho could be too tempting for the 21-year-old to resist. The French global recently claimed that his immediate future is at Old Trafford, but nobody can be sure about what will follow.

China's trade surplus with U.S. hits new record in August
Trade Representative that tariffs will make some of its products, including the Apple Watch and Mac mini, more expensive. China's trade surplus with the USA has, therefore, risen almost 15 percent from January to August 2018.

New Greaseproof Xbox Controller Will Save You From Sticky Situations
Microsoft has developed a new Xbox One controller that's supposedly impervious to grease. PlayerUnknown's Battlegrounds' latest limited-time event mode is Silent and Violent.

The report of his retirement came as a surprise, especially in the Chinese government circles as the NYT report said Mr. Ma was relinquishing as China's business environment had soured, with the government and state-owned enterprises increasingly playing more interventionist roles with companies.

"Ma is a lifetime partner in the Alibaba Partnership and is a member of its partnership committee", the statement added.

Alibaba saw sales at its e-commerce business swell 61% in the latest reported quarter, but its profit margins have been squeezed by big-ticket investments as it battles to maintain its dominant position in e-commerce and payments.

The charismatic Mr Ma, who is known for dressing like a rock star, said he wanted to return to education.

Alibaba also has investments in sports content, microchips and facial recognition technology and has been positioning itself as a serious player in cloud computing.

Latest News