C-SUITE

Founder — and China’s wealthiest man — steps down from his online empire

BY Marianne Wilson

Jack Ma has left Alibaba some 20 years after he founded the company, which ranks as the world’s largest e-commerce group.

Ma stepped down as chairman of Alibaba Group on Tuesday, his 55th birthday, as part of a planned succession strategy, reported Business Insider. He is succeeded by Daniel Zhang, who will continue as CEO of the e-commerce powerhouse.

Ma is worth about $40 billion, according to Bloomberg’s Billionaires Index, a net worth higher than anyone else in China and 21st in the world. He is set to take a position in the Alibaba Partnership, a 38-person body with an indirect role in the governance of the group, according to the Business Insider report.

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