Published Date : Sep 10, 2018
Jack Ma is all set hang his hat after two decades of helming Alibaba Group Holding Ltd. Back in 1999, Jack Ma created Alibaba Group as an online marketplace. The speculations about his stepping down was finally confirmed by the company by its announcement that Daniel Zhang, its current CEO would take over the chairman’s position from Ma next year.
Meanwhile, Ma will continue serving as a board member until the annual general shareholders’ meeting set to be held in 2020. Post that he would remain a lifelong partner of Alibaba Partnerhsip which is a group if 36 partners who are a part of the head honchos’ team across Alibaba Group. They have the right to nominate or appoint the board of directors.
Earlier, when speculations of Ma’s retirement surfaced, he downplayed those reports stating that he would eventually cut back his role in the company.
Regarding the succession plan, Jack Ma said Daniel is a right fit for the role. He added that after taking on the role of CEO, he has consistently proved his ability to take on challenges and move ahead. Ma also stressed upon the fact that under Zhang Alibaba has witnessed sustainable and consistent growth for 13 consecutive quarters.
Jack Ma said that he had planned his moving on from Alibaba for the past 10 years. The process would be a gradual and not an abrupt one. Meanwhile, from one, he would focus on philanthropy and education. Incidentally, he was teacher before he formed Alibaba.