Jack Ma to hand Alibaba's helm to CEO Daniel Zhang next year

10 September, 2018, 17:00 | Author: Corey Lynch
  • Andrew Burton  Getty Images

Mr. Ma said he will remain Alibaba's executive chairman during the year-long period to ensure a "smooth and successful" transition, and stay on as an Alibaba director until a shareholder' meeting in 2020.

Alibaba is one of a group of companies including Tencent Holding Ltd., a games and social media giant, search engine Baidu.com Inc. and e-commerce rival JD.com that have revolutionized shopping, entertainment and consumer services in China.

Jack Ma, who founded e-commerce giant Alibaba Group and helped launch China's online retailing boom, announced Monday that he will step down as the company's chairman next September.

The story goes on to quote Ma, who apparently spoke with the Times: "Mr. Ma said his retirement is not the end of an era but 'the beginning of an era.' He said he would be spending more of his time and fortune focused on education".

Image copyright Getty Images Image caption Jack Ma says he wants to return to education because this is what he "loves to do".

Former English teacher Ma, 54, has become a globally recognised figure through his constant travel and playful antics such as impersonating Michael Jackson at a company event previous year.

Alibaba is one of the world's most valuable companies - its shares almost doubled in value a year ago.




A spokeswoman for The New York Times in an email to Cheddar prior to the announcement said it stands by its story.

But on Sunday, a spokesman for Alibaba denied he was ready to retire in the South China Morning Post, which is owned by Ma. These include continuous innovation, leadership succession, accountability and cultural continuity.

Alibaba's diversified portfolio in India include investments in digital payments platform Paytm, in Cloud computing via Alibaba Cloud, in the digital media space via UCWeb and several innovation initiatives that makes the country an attractive destination for the United States dollars 420-billion conglomerate. The co-founder of China's e-commerce juggernaut plans to leave the company next year. "Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba".

The announcement on Monday is set to coincide with Ma's 54th birthday.

"Simply relying on individuals or blindly following a system will not solve our problems to achieve long-term sustainable growth; you need the right balance among system, people and culture", Ma said in an email letter to the group's 86,833 employees, which the Hangzhou-based global firm shared with IANS. Before starting Alibaba in 1999, Jack was an English teacher and his colleagues often address him as "Teacher Ma". In 2016, the United Nations named him a Special Adviser to the UN Conference on Trade and Development (UNCTAD), to help young entrepreneurs and small businesses globally, with an emphasis on developing countries. Gates stepped down as chairman of Microsoft four years ago at the age of 58 to pursue philanthropic efforts. In fact, since I handed over the CEO's responsibilities in 2013, the company has run smoothly for five years on the back of these institutional ingredients.

Ma will continue as the executive chairman of the company over the next 12 months.

.

Launched in 2009 as China's answer to the US "Black Friday", "Singles' Day" last year saw more than $25 billion worth of goods snapped up on Alibaba platforms, up almost 40 percent year-on-year.

Recommended:

  • Obama campaigns for Democratic congressional candidates in California

    Obama campaigns for Democratic congressional candidates in California

    At a fundraiser in North Dakota, the USA president told a crowd of supporters: "I watched it, but I fell asleep". Responding to Obama's address, Trump said he had fallen asleep listening to it.
    Packers’ Aaron Rodgers injured, leaves games on cart

    Packers’ Aaron Rodgers injured, leaves games on cart

    Rodgers was carted off the field in the first half after a knee injury, and the Bears built a 20-0 lead to take into halftime. Khalil Mack will be in Green Bay on Opening Night, but his stay there won't be as long as many Packers fans had hoped.
    What you missed Wednesday, with Le'Veon Bell still holding out

    What you missed Wednesday, with Le'Veon Bell still holding out

    As Adam Schefter speculated in July , that could mean Bell sits out the entire year to remain healthy for free agency in 2019. David (@ddoeswell ) - In my opinion, it begins with the franchise and their history of negotiations with star players.
  • 8 things to know about the US Open victor  Naomi Osaka

    8 things to know about the US Open victor Naomi Osaka

    Osaka won the final but her victory was overshadowed by the on-court drama and booing of officials during the trophy ceremony. Williams refused to shake hands with Ramos after the match and accused him of sexism in her post-match press conference .
    Ex-Trump Campaign Adviser George Papadopoulos Sentenced to 14 Days In Prison

    Ex-Trump Campaign Adviser George Papadopoulos Sentenced to 14 Days In Prison

    He also gave Papadopoulos a year of supervision, 200 hours of community service, and fined him $9,500 (Rs 6,85,000). In that testimony, Sessions said he resisted the idea of any Russian Federation meeting proposed by Papadopoulos.
    Alibaba co-founder Jack Ma to retire

    Alibaba co-founder Jack Ma to retire

    Alibaba made its debut on the New York Stock Exchange in 2014, which remains the largest initial public offering (IPO) in history. It also hold stakes in several Chinese media companies, including the microblogging site Weibo.
  • Healed and revamped, Texans ready to take on Brady, Patriots

    Healed and revamped, Texans ready to take on Brady, Patriots

    It's (expletive) going to be hard to do. "I think I'm seeing there's definitely an end coming". "Once you stop, you're done". Dont'a Hightower, Rob Gronkowski and Duron Harmon were all captains a year ago , but weren't re-elected.
    Trudeau Threatens Relationship With The U.S.

    Trudeau Threatens Relationship With The U.S.

    All throughout NAFTA talks, the issue of supply management in the Canadian dairy industry has been a sticking point. The fall in the value of the Canadian dollar comes at a tough time for Canada and its traditional allies.
    Rafael Nadal outlasts Thiem in 5-set US Open thriller

    Rafael Nadal outlasts Thiem in 5-set US Open thriller

    The second 2018 US Open Men's Quarterfinals tennis match tonight pits top-ranked Rafael Nadal again Dominic Thiem (9) on ESPN TV. Del Potro beat John Isner in a match that played out as most people expected. "Forever I'm going to remember this match".
  • Trump warns of tariffs on another $267 billion of Chinese imports

    Trump warns of tariffs on another $267 billion of Chinese imports

    However, Chinese government advisers are tamping down expectations either occasion will yield measures that could defuse tensions. The company said on its website that it spent over $50 billion for goods purchased from US suppliers previous year .
    Singer Ariana Grande blamed by internet trolls for ex-boyfriend's death

    Singer Ariana Grande blamed by internet trolls for ex-boyfriend's death

    In May, he was arrested for driving under the influence and hit and run when he wrecked his auto by crashing into a utility pole. Miller's real name was Malcolm McCormick and he was born in Pittsburgh, Pennsylvania on January 19, 1992.
    Florence forecast to restrengthen to a major hurricane before threatening US

    Florence forecast to restrengthen to a major hurricane before threatening US

    The Emergency Measures Organisation has announced that it is prepared to meet on Monday as Tropical Storm Florence gets nearer. Forecasters expect the storm to bring tropical storm conditions to parts of the Cabo Verde Islands on Saturday night.


Popular

Zinedine Zidane confirms coaching return amid Manchester United link
He has a good personality but not for United - they should have [Pep] Guardiola as coach". "He should be there, but he is doing magic with that other club".

British Airways investigating data breach from 380000 card payments -IAG
The breach has been resolved and the BA website is up and running. "We take the protection of our customers' data very seriously". "We recommend that you contact your bank or credit card provider and follow their recommended advice".

Naomi Osaka pays tribute to 'idol' Serena as US Open showdown looms
Osaka , 20, is the first Japanese woman to reach a Grand Slam final, where she'll be taking on 23-time major victor Williams. The world number 26 has raised quite a few eyebrows with the level of tennis she had been playing over the last few months.

Elon Musk smoking weed is now a meme
This brings the company's stocks down more than 30 percent from their all-time intraday high of $389.61. Musk added: "I'm not a regular smoker of weed - nearly never".

Refugee calamity feared as battle for Syria's Idlib looms large
But regime backers Russian Federation and Iran have sworn to wipe out "terrorists", and Assad has declared his determination to retake control of the entire country.

Jose Mourinho 'gets suspended jail sentence' for tax fraud
I knew this was going to be hard because I knew that last season was going to be very, very hard ". Spanish tax authorities allege the Manchester United manager owed 3.3 million euros ($3.8m).

Trump says New York Times article is "horrible"
But journalists at other papers suggested that the piece by the anonymous official was simply too remarkable to ignore. He added that he thought it was wrong of the Times not to identify the piece's author.

Killed, 3 Missing After Boat Collision on Colorado River
Sherwin says one person has life-threatening injuries and was transported to a hospital in Las Vegas. The three were among more than a dozen people ejected from two boats in the crash Saturday night.

Reaction as Messi misses out on Federation Internationale de Football Association nomination
Between them, Messi and Ronaldo have won the Champions League nine times and have a combined 14 domestic league titles. The Argentine also noted that the development will have a negative impact on the European champions.

Google A No-Show As Facebook, Twitter Executives Testify To Senate Panel
He says Twitter has so far suspended 3,843 accounts the company believes are linked to the agency, and has seen recent activity. Earlier this year the company said it was taking aggressive measures to combat inauthentic accounts.