Showing posts with label jack ma announces retirement. Show all posts
Showing posts with label jack ma announces retirement. Show all posts

September 10, 2018

Published September 10, 2018 by with 0 comment

Alibaba`s Jack Ma will step down next year in September 2019

Alibaba co-founder Jack Ma, announces retirement.

"The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba."

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Mr. Jack Ma, one of China's biggest tech giants is stepping down, will hand over the reins to Daniel Zhang, currently chief executive.  

Alibaba’s co-founder and executive chairman, Jack Ma, 53, announced Friday that he's retiring from the e-commerce giant company. He devotes his time to philanthropy in education.

Alibaba is one of the world's most valuable giant companies - its shares nearly doubled in value last year.

Mr. Zhang will become executive chairman on 10 September 2019, the company said in a statement. The one year handover period is aimed at achieving a "smooth and successful transition."

Mr. Ma, previously an English teacher, co-founded Alibaba in 1999 and has seen it become one of the world's biggest internet companies.

He is a great personality and a human being. "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," Mr. Ma said in the letter, released on his 54th birthday. Mr. Ma, who has a current net worth of $36.6bn (£28.34bn), will remain a director on Alibaba's board until its annual shareholder meeting in 2020. He is a permanent member of the Alibaba Partnership. The charismatic Mr. Ma, who is known for dressing like a rock star, said he wanted to return to education.

Jack Ma's retirement puts more distance between Alibaba and one of its most visible and charismatic spokesmen. Alibaba, while hugely successful in China, it's not known as well overseas and the company has been looking for ways to raise its global profile.

Alibaba is a giant venture in the world. Jack Ma is the soul of Alibaba company. "The world is big, and I am still young, so I want to try new things," Mr. Ma said, adding he plans to continue in his role as founding partner. He said Mr. Zhang, who has been with Alibaba for eleven years, had demonstrated "superb talent" since taking over as chief executive. Alibaba listed in New York in 2014 in what was then the world's biggest initial public offering of shares. It reported revenues of $39.9bn for the fiscal year ended March 2018.

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