Alibaba Chairman Jack Ma to step down next year

Posted by

The Chairman of Alibaba Group, Jack Ma, has decided to step down from his post in September 2019.  He will be succeeded by Daniel Zhang, currently Alibaba’s chief executive.

Jack Ma, previously an English teacher, co-founded Alibaba in 1999 from his apartment and has led the company ever since. Today, Alibaba is one of the world’s largest and most powerful technology companies, reporting revenues of $39.9 billion for the fiscal year ended March 2018.

Jack Ma, who has a current net worth of $36.6 billion, said he was stepping down to focus on education. “I also want to return to education, which excites me with so much blessing because this is what I love to do,” he said in a company statement. “The world is big, and I am still young, so I want to try new things — because what if new dreams can be realized?!”

Alibaba said Jack Ma, 54, will remain on its board until 2020 and would remain in the Alibaba Partnership, a group of senior longtime managers who exercise significant control over the business and its affiliates.

Image credit: Sean Gallup / Getty Images

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s