Alibaba's Jack Ma to hand over chairmanship to Daniel Zhang on his 55th birthday

3 months ago
0 Comments
308 Views

"I also want to return to education, which excites me with so much blessing because this is what I love to do." Jack Ma  

Alibaba's Jack Ma has announced that he will step down as chairman to pave way for Daniel Zang who is currently the CEO

Jack, China's richest man will pass the baton to Daniel exactly 12 months from today on his 55th birthday. He will however stay on the board until 2022.

"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," Ma said in a letter on his 54th birthday.

Ma relinquished the role of chief executive in 2013. Zhang, 46, has been in the job since 2015 after serving as chief operating officer and is known as a key architect of Alibaba's Singles Day, the Nov 11 event that has become the world's largest online shopping event.

"Under his stewardship, Alibaba has seen consistent and sustainable growth for 13 consecutive quarters ... Starting the process of passing the Alibaba torch to Daniel and his team is the right decision at the right time," Ma said

Ma had last Friday hinted his resignation at an interview with Bloomberg saying that he wanted to follow in the philanthropy steps of Microsoft Founder Bill Gates

"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 organizational excellence and a culture of talent development." Ma said

Comments

  • No Comments Yet. Be the first to comment

Related

What’s the future of cryptocurrencies in Africa?

It means change, and a lot of people in our very divided continent are not ready for this change but ...

10 months ago Read More
Ripple Partners With Saudi Arabian Monetary Authority To Offer Pilot Program For Banks

Ripple has announced an agreement today, Feb. 14, with the Saudi Arabian Monetary Authority (SAMA) t ...

9 months ago Read More
VENEZUELA'S NEW BITCOIN

Venezuela's new bitcoin: an ingenious plan or worthless cryptocurrency? ...

9 months ago Read More
Malaysian firm adds Islamic certification to Cryptocurrency

Malaysian firm adds Islamic certification to Cryptocurrency ...

9 months ago Read More

Most Read

Employers have a reason to smile as new technology exposes cheats

Certificates are acquired without requiring one to step into a classroom. ...

2340 Views | 0 Comments
How Kenya Airways is using IoT, AI for predictive airplane maintenance

By the time the plane is coming back from London, Paris, or where it is, the engineer is in Nairobi ...

1209 Views | 0 Comments
Cryptocurrency integration inevitable as Nyeri embraces bitcoin

Betty's Place in Nyeri, which is accepting bitcoin (Photo courtesy) ...

1058 Views | 0 Comments