Jack Ma Stepping Down from Alibaba Next Year, Confirms Successor

By Nassir Ali, September 10, 2018

0 0

Following news of his retirement that emerged over the weekend, Alibaba's co-founder and chairman Jack Ma confirmed today that he will be stepping down next year and announced current CEO Daniel Zhang as his successor, Bloomberg reports.  

Under the 12-month succession plan, Jack Ma will hand the reins over to 46-year-old Zhang on September 10, 2019, falling on the tech billionaire’s 55th birthday. Ma will also remain on Alibaba Group’s board of directors until the next annual general meeting of shareholders in 2020.

In a letter issued to all customers, staff and shareholders, Ma said that “no company can rely solely on its founders" and that due to “physical limits on one’s ability and energy, no one can shoulder the responsibilities of chairman and CEO forever.” 

Ma’s successor, Zhang, is a former accountant who joined Alibaba in 2007 and was responsible for expanding its Tmall business-to-consumer platform into an “online retail behemoth," according to MarketWatch. Zhang is also said to be the brains behind the massively successful Singles Day e-commerce holiday. 

Daniel Zhang
Jack Ma's successor: Alibaba's current CEO, Daniel Zhang. Image via Alibaba Group

Ma praised Zhang's "superb talent, business acumen and determined leadership" that has seen him being named by China's business news as the number one CEO in 2018. 

Ma, who turned 54 today, intends to return to education and will likely continue philanthropic pursuits through the Jack Ma Foundation. 

"I still have lots of dreams to pursue [and] want to return to education, which excites me with so much blessing because this is what I love to do," said Ma. 

Ma signed off his statement by saying: "Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba."  

READ MORE: Jack Ma Says He's Retiring from Alibaba

[Top image via UNclimatechange/Flickr]

more news

Alibaba Sells ¥372.3 Billion in Lead-up to Singles' Day

This year was certainly a big one for participating brands.

Taobao's 'Special Value' App is Selling Products for ¥1

If you like shopping but want to spend less money, then this is arguably the best app to accomplish that.

An Epic Duet: Jack Ma and Chinese Pop Star Faye Wong

Watch Jack Ma belt out a rendition of an old classic, 'If the Cloud Knows'.

Alibaba to Invest ¥200 Billion in Cloud Services Amid Covid-19

The public health crisis may have provided the impetus for the additional investment in cloud computing.

Start Your Livestreaming Career With This Taobao Product

Aside from a phone and a product to sell, this growing legion of livestreamers relies on one key component: a diva ring light.

Same-Sex Couple in Alibaba's New Ad Praised

The power of subtle messaging.

12 Totally Wacky Taobao Gifts for Christmas 2019

Show your friends and family how much you care this holiday season by getting them a gift that arguably shouldn’t exist.

Meet Your Future Partner While Drinking with This Taobao Winner

This simple yet ingenious product was engineered for an extra fun time drinking with friends.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at thatsonline for events, guides, giveaways and much more!

7 Days in China With thatsmags.com

Weekly updates to your email inbox every Wednesday

Subscribe

Download previous issues

Never miss an issue of That's Magazines!

Visit the archives