TECH

Alibaba chairman to step down next year

Published: 10 Sep 2018   

Online Desk

Jack Ma said it was right to let 'younger, more talented people' step into leadership roles

Jack Ma, the executive chairman of Chinese e-commerce giant Alibaba, will step down in a year, the company has confirmed.

The news follows conflicting reports over the weekend on the timing of his exit, BBC reports. 

Mr Ma, one of China's richest men, will hand over the reins to Daniel Zhang, currently Alibaba's chief executive.

Alibaba is one of the world's most valuable 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.

"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 a statement on the day of his 54th birthday.

Mr Ma, who has a current net worth of $36.6bn, 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.

"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.

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

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.

Every vote counts, says Hasina

Every vote counts, says Hasina

Awami League President and Prime Minister Sheikh Hasina on Thursday ...

Opposition parties join hands to establish democracy: Fakhrul

Opposition parties join hands to establish democracy: Fakhrul

Voicing this government will be fallen through the December 30 ...

Awami League to win up to 220 seats: Joy

Awami League to win up to 220 seats: Joy

Prime Minister's ICT Adviser Sajeeb Wazed Joy has said the ...

Girl, 7, takes father to police over toilet

Girl, 7, takes father to police over toilet

A seven-year-old Indian girl went to the police after her ...

Second Canadian 'missing' in China

Second Canadian 'missing' in China

Canada's foreign ministry says it is trying to make contact ...

3 killed as van runs over pedestrians in Mymensingh

3 killed as van runs over pedestrians in Mymensingh

Three people were killed and another injured when a covered ...

UK PM Theresa May survives confidence vote

UK PM Theresa May survives confidence vote

Prime Minister Theresa May has won a vote of confidence ...

Huawei CFO gets bail, China detains ex-Canadian diplomat

Huawei CFO gets bail, China detains ex-Canadian diplomat

A Canadian court granted bail on Tuesday to a top ...