Jack Ma Retires As Chairman Of Alibaba

Jack Ma on Tuesday, stepped down as Chairman of Alibaba group, handing the role over to the company’s current CEO Daniel Zhang.

But the transition was announced a year ago.

Ma will continue serving on Alibaba’s board until its annual general shareholders’ meeting next year.

He also remains a lifetime partner of Alibaba Partnership, a group drawn from the senior management ranks of Alibaba Group companies and affiliates that has the right to nominate (and in some situations, appoint) up to simple majority of its board.

Ma said in last year’s announcement that he plans for his departure from Alibaba Group to be very gradual: “The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba.”

READ ALSO: FLASH: Kim Kardashian Tests Positive For Lupus Antibodies

Ma left Alibaba’s CEO position in 2013 and was succeeded first by Jonathan Lu. In 2015 Lu was replaced by Zhang, the company’s former COO.

As its CEO and now its chairman, Zhang has taken Alibaba’s reins as it copes with a slowdown in China’s e-commerce market after a decade of explosive growth.

The online retail landscape also now includes new players like Pinduoduo, which have gained an advantage by focusing on smaller cities, important growth markets for Internet companies.

An interesting fact about the day Ma chose for his retirement as chairman is that it is Teachers’ Day in China.

Ma is a former English teacher who is still nicknamed “Teacher Ma” and has said that he plans to devote time to education philanthropy.

Read Previous

FLASH: Kim Kardashian Tests Positive For Lupus Antibodies

Read Next

Naira Weakens At Forex Market As It Loses Positive Momentum

Leave a Reply

Your email address will not be published. Required fields are marked *