Alibaba Co-founder, Jack Ma will step down next year

September 10, 2018
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The Richest man in China and Chairman of Alibaba, the Chinese e-commerce giant Jack Ma,  is set to step down next year. He has also named Daniel Zhang a CEO at Alibaba as his next successor.

Alibaba co-founder Jack Ma will step down next year

Jack Ma, 53, stated pursuit of philanthropic endeavors focused on education as the reason for his stepping down, according to a report from the New York Times.

Another report from The South China Morning Post said that Ma would unveil a succession plan.

In line with that report, Alibaba confirmed in a press release that to ensure a smooth transition, Ma would continue as chairman of the company for 12 months, until Sept. 10, 2019, before handing the chairmanship over to current CEO Daniel Zhang.

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Upon his stepping down as chairman of Alibaba, Jack Ma will remain on the board of directors until 2020.

Apart from being an e-commerce giant, Alibaba also ventures in digital payments, online banking, cloud computing, and digital media and entertainment. The company was founded by Jack Ma and 17 others in 1999, and it is now worth about $420 billion company with more than 500 million Chinese customers who use the site to purchase everything from clothes to cement.

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Jack Ma himself also achieved greatly during this times, as he also became the richest man in China worth more than $40 billion.

Concerning his stepping down, Jack Ma told Alibaba shareholders and customers, “put a lot of thought and preparation into this succession plan for ten years. As for myself, I still have lots of dreams to pursue. Those who know me know that I do not like to sit idle … I also want to return to education, which excites me with so much blessing because this is what I love to do. The world is big, and I am still young, so I want to try new things – because what if new dreams can be realized?”

Source: Cnet

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