Jack Ma Formally Steps Down as Alibaba’s Chairman

by admin on Sep 10, 2019
Image Source : Twitter

The popular leader is now handing over the powers to the business’s current Chief Executive Officer Daniel Zhang.

Jack Ma formally retired as Alibaba‘s chairman today, handing the reigns over to the firm’s present Chief Executive Officer, Daniel Zhang.

The relocation was revealed a year earlier.

A gradual departure

However, his separation from the company will be progressive, as he had actually previously revealed. He will certainly continue serving on Alibaba’s board until its yearly basic shareholders’ conference following year as well as will certainly a lifetime companion of Alibaba Partnership.

Ma has previously said that he will forever come from Alibaba: “The one thing I can guarantee everyone is this: Alibaba was never ever concerning Jack Ma, however, Jack Ma will for life belong to Alibaba.”

Reported in September 2018

Ma made the news that he would certainly be leaving his position back in September 2018. He did so in a declaration, shared by Alibaba’s news outlet Alizila.

“Today, as we mark the 19th anniversary of Alibaba, I am excited to share some news with you: with the approval of our board of directors, one year from today on September 10, 2019, which also falls on Alibaba’s 20th anniversary, Group CEO Daniel Zhang will succeed me as chairman of the board of Alibaba Group,” read the letter.

He also disclosed as he would certainly be sharing a succession strategy within a week, describing that he felt this was the right time to move on.

“I sat down with our senior executives 10 years ago, and asked what Alibaba would do without me,” Ma had said in an interview with the Alibaba-owned South China Morning Post.

“I’m very proud that Alibaba now has the structure, corporate culture, governance, and system for grooming talent that allows me to step away without causing disruption.”