Billionaire tech tycoon Jack Ma will step down as Alibaba’s govt chairman subsequent 12 months, the corporate introduced Monday.
“No firm can rely solely on its founders,” Ma mentioned in a letter to prospects, workers and shareholders. “Due to bodily limits on one’s means and power, nobody can shoulder the duties of chairman and CEO ceaselessly.”
Ma, a former English instructor who began Alibaba ( practically twenty years in the past and constructed it right into a $420 billion firm, shall be succeeded by present CEO Daniel Zhang. )
Ma, who will stay on the corporate’s board of administrators till 2020, mentioned he has spent the final 10 years making ready for this succession plan, working to determine and develop the appropriate expertise inside Alibaba.
“Lecturers all the time need their college students to exceed them, so the accountable factor … for me and the corporate to do is to let youthful, extra gifted folks take over in management roles,” he mentioned.
Zhang joined Alibaba in 2007 and held a variety of senior administration roles earlier than taking on from Ma as CEO in 2015.
The announcement comes at an unsure time for Chinese language tech corporations. The shares of Alibaba and different high companies have been hit by issues concerning the well being of China’s economic system and Beijing’s elevated scrutiny of the sector.
Ma, who turned 54 on Monday, mentioned he needs to return to training, including that he’s nonetheless younger and has “a lot of desires to pursue.”
CNNMoney (Hong Kong) First printed September 9, 2018: 9:25 PM ET