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.

Shilpa Shetty alleges racism at Sydney Airport

Shilpa Shetty alleges racism at Sydney Airport

Shilpa Shetty Kundra, who dealt with racism in 2007 when ...

UN has 'no right to interfere' says Myanmar army chief

UN has 'no right to interfere' says Myanmar army chief

Myanmar’s army chief said the United Nations (UN) had no ...

Mess national unity won't sustain: Quader

Mess national unity won't sustain: Quader

Criticizing the national unity, ruling Awami League General Secretary Obaidul ...

Biggest US tariffs on China take effect

Biggest US tariffs on China take effect

A new round of US tariffs on Chinese goods has ...

New allegation against Trump court pick

New allegation against Trump court pick

A second woman has come forward with allegations of sexual ...

'Drug trader' killed in Mirpur ‘gunfight’

'Drug trader' killed in Mirpur ‘gunfight’

A suspected drug trader was killed in a reported gunfight ...

2 motorcyclists killed in Magura road crash

2 motorcyclists killed in Magura road crash

Two people were killed as a speedy covered van hit ...

PM reaches New York to join 73rd UNGA

PM reaches New York to join 73rd UNGA

Prime Minister Sheikh Hasina arrived in New York this afternoon local ...