Jack Ma to step down as Alibaba chairman in 2019

 

The founder and Chairman, Jack Ma, of the Chinese biggest e-commerce company Alibaba has announced that in September 2019 we will step down as the chairperson of the company, allowing the current CEO Daniel Zhang to step in as the Chairperson.

Daniel Zhang has been with the company for 11 years and became the CEO in 2013 when Jack Ma handed over the CEO post to him. Alibaba was founded in 1999 by Jack Ma to connect Chinese exporters with foreign retailers. The company expended into consumer retailing, currently operating in 200 countries making it the biggest e-commerce company and biggest Chinese company to date.

Alibaba has confirmed that Jack Ma will stay in the Alibaba Partnership which consist of a group of 36 people who has the right to nominate most of its board of directors. Jack Ma in a letter to Alibaba customers explained his decision by stating: “This transition demonstrates that Alibaba has stepped up to the next level of corporate governance from a company that relies on individuals, to one built on systems of organisational excellence and a culture of talent development,”

Jack Ma is China’s third richest man, with a net worth of $36.6bn, according to Forbes 2017 list. The former English teachers has dedicated his life to philanthropy through the Jack Ma Foundation. On the letter Jack Ma emphasised his love for education through the Jack Ma Foundation and highlighting his journey going forward: “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?!”

 (By Ntsikelelo Kuse)

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