Alibaba Group Chairman Jack Ma
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One of China’s most significant tech titans will be stepping down a year from now.
Alibaba co-founder and executive chairman Jack Ma, 53, revealed Friday that he’s retiring from the e-commerce giant, according to The New YorkTimes He stated he’s delegating pursue humanitarian ventures concentrated on education.
On Saturday, The South China Morning Post reported that Ma would reveal a succession strategy, and in a news release on Sunday, Alibaba validated that Ma would continue as chairman of the business for 12 months, up untilSept 10, 2019, prior to handing the chairmanship over to CEO DanielZhang This remains in order to “ensure a smooth transition.”
Ma will likewise stay on Alibaba’s board of directors up until 2020.
Ma co-founded Alibaba with 17 other individuals in1999 He assisted develop it into a $420 billion business with more than 500 million Chinese clients who utilize the website to acquire whatever from clothing to seal. Alibaba now likewise manages digital payments, electronic banking, cloud computing and digital media and home entertainment.
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Over the course of his tenure at Alibaba, Ma became China’s richest man, earning a net worth of more than $40 billion.
Included in the press release was a letter from Ma to Alibaba customers and shareholders, in which he wrote he, “put a lot of thought and preparation into this succession plan for ten years.
“As for myself, I still have lots of dreams to pursue. Those who know me know that I do not like to sit idle … I also want to return to education, which excites me with so much blessing because this is what I love to do. The world is big, and I am still young, so I want to try new things – because what if new dreams can be realized?!”
Alibaba didn’t respond to a request for comment.
First published Sept. 8, 4:35 p.m. PT
Update, Sept. 9 at 8:33 a.m. PT: Added mention of the South China Morning Post’s report.
Update, Sept. 9 at 10:12 p.m PT.: Added details from Alibaba’s press release.
