Co-founder and chairman of the board of directors of Alibaba Group, Jack Ma, intends to move away from managing the group on its 20th anniversary, September 10, 2019. This is stated in the statement of the company.
As chairman, he will be replaced by current Alibaba CEO Daniel Zhang. Ma’s board of directors plans to leave after the annual meeting of shareholders in 2020. After that, he will continue to lead the Alibaba Partnership advisory group, which includes 36 key managers of the company. The group has the right to appoint the majority of candidates on the company’s board of directors.
Ma’s successor, 46-year-old Daniel Zhang, has led Alibaba since 2015. He previously served as Taobao CFO and Tmall.com President. Zhang authored the idea of “Singles Day,” an annual sale held by Alibaba on November 11th, which was the largest event in the online shopping market, Reuters points out .
“Under the leadership of Zhang, Alibaba has shown consistent and steady growth for 13 consecutive quarters. Handing over the Alibaba torch to Daniel and his team is the right decision, made on time, ”Ma said in a letter to Alibaba’s customers, employees and shareholders. Heading the board of directors, Zhang will retain the post of general director of the company.
Jack Ma is a former English teacher with no technical background. Together with partners in 1999, he founded Alibaba. Now Ma is one of the richest people in China, Forbes estimates his fortune at $ 36.6 billion. Alibaba has a capitalization of about $ 420 billion, and 66 thousand full-time employees work in the group.