Alibaba

Alibaba’s chairman Jack Ma to step down in September 2019

Alibaba’s chairman Jack Ma to step down in September 2019

Jack Ma, the executive chairman of Chinese e-commerce giant Alibaba has confirm that he plans to step down in September 2019.

Jack Ma is the co-founded Alibaba in his apartment since 19 years ago. He was a former English teacher and latter on involve in consumer retailing, becoming the world’s biggest e-commerce company by total value of goods sold, as well as online finance, cloud computing and other services.

Alibaba is part of a group of companies including games and social media giant Tencent Holding Ltd., search engine Baidu.com Inc. and e-commerce rival JD.com that have revolutionized shopping, entertainment and consumer services in China.

Ma will hand over the reins to Daniel Zhang, currently chief executive. Ma handed over the CEO post to Zhang in 2013 as part of what he said was a long-planned succession. Ma will remain a member of the Alibaba Partnership.

Ma, who turned 54 years old this week, is one of the China’s most famous entrepreneurs and one of the world’s richest. The Hurun Report, which follows China’s wealthy, estimates his net worth at $37 billion.

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