Big change coming to Alibaba
Alibaba Group will be celebrating its 20th anniversary with a crucial change at the top.
Jack Ma, the billionaire founder and executive chairman of the Chinese online giant is stepping down to pursue his ongoing interest in education. Alibaba CEO Daniel Zhang will succeed Ma as chairman, effective September 10, 2019, which falls on the company’s 20th anniversary. Ma will continue as executive chairman at Alibaba during the next 12 months for a smooth transition of the chairmanship to Zhang.
“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 wrote in a letter to customers and shareholders. “… Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba.”
Ma will complete his current term as a member of Alibaba’s board until its annual general meeting of shareholders in 2020. He is a lifetime member of the Alibaba Partnership, a group of 36 partners who are also members of senior management of Alibaba Group or its affiliates.
Ma stepped down as CEO of Alibaba in 2013, handing the reins to Jonathan Lu. Lu was replaced in 2015 by Zhang, Alibaba’s former COO, after Ma reportedly told employees that it’s time for the company to be run by people in the 1970s and after.
A former English teacher, Ma founded Alibaba in 1999 and built it into one of the world’s leading e-commerce and digital payments companies. With a net worth estimated at more than $40 billion, he is reportedly the wealthiest man in China.
In his letter, Ma wrote that he still has “lots of dreams to pursue.”
“Those who know me know that I do not like to sit idle,” he wrote.” I plan on continuing my role as the founding partner in the Alibaba Partnership and contribute to the work of the partnership. 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?”
To read Ma’s entire letter, click here.
Jack Ma, the billionaire founder and executive chairman of the Chinese online giant is stepping down to pursue his ongoing interest in education. Alibaba CEO Daniel Zhang will succeed Ma as chairman, effective September 10, 2019, which falls on the company’s 20th anniversary. Ma will continue as executive chairman at Alibaba during the next 12 months for a smooth transition of the chairmanship to Zhang.
“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 wrote in a letter to customers and shareholders. “… Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba.”
Ma will complete his current term as a member of Alibaba’s board until its annual general meeting of shareholders in 2020. He is a lifetime member of the Alibaba Partnership, a group of 36 partners who are also members of senior management of Alibaba Group or its affiliates.
Ma stepped down as CEO of Alibaba in 2013, handing the reins to Jonathan Lu. Lu was replaced in 2015 by Zhang, Alibaba’s former COO, after Ma reportedly told employees that it’s time for the company to be run by people in the 1970s and after.
A former English teacher, Ma founded Alibaba in 1999 and built it into one of the world’s leading e-commerce and digital payments companies. With a net worth estimated at more than $40 billion, he is reportedly the wealthiest man in China.
In his letter, Ma wrote that he still has “lots of dreams to pursue.”
“Those who know me know that I do not like to sit idle,” he wrote.” I plan on continuing my role as the founding partner in the Alibaba Partnership and contribute to the work of the partnership. 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?”
To read Ma’s entire letter, click here.