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

3 months ago

"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


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