Last updated on September 5th, 2022 at 09:26 pm
In September 10, 2019, the founder and executive chairman of Alibaba Jack Ma will handover the chairmanship of the Chinese biggest e-commerce to Daniel Zhang
Alibaba is one of the world’s most valuable companies – its shares nearly doubled in value in 2017.
Mr. Ma’s plan to step down was contained in a letter he sent to Alibaba customers and shareholders.
Jack Ma is one of the richest Chinese men.
To step in is one of Alibaba’s directors Daniel Zhang, a 46 years old man who developed Alibaba’s Single’s Day promotion, the biggest one-day online retail event.
Daniel Zhang has been with Alibaba for 11 years, and risen to become one of the most powerful Alibaba staff steadily since he joined the company.
Why the early announcement?
The one year transition according to experts is aimed at achieving a “smooth and successful transition”.
Why is Jack Ma stepping down for Zhang?
Mr Zhang has “superb talent” since taking over as chief executive, Mr Ma was quoted as saying by the BBC
Alibaba was founded in 1999 and has become one of the world’s biggest internet companies.
Jack Ma, a former English teacher had said during his 54th birthday letter that:
“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 is worth $36.6bn.
His resignation as Alibaba chairman doesn’t completely remove him from the company as he will remain a director on Alibaba’s board until its annual shareholder meeting in 2020. He will also remain as a permanent member of the Alibaba Partnership.
“The world is big, and I am still young, so I want to try new things.
“The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba.”
Alibaba reported revenues of $39.9bn for the fiscal year ended March 2018.