Alibaba's Jack Ma to step down in September 2019

Jack Ma founder and executive chairman of Alibaba Group attends an award ceremony for rural teachers organised by the Jack Ma Foundation in Sanya Hainan province China

Alibaba co-founder and chairman Jack Ma will step down as head of the e-commerce giant on September 10, 2019, the company said on Monday.

Current Alibaba Chief Executive Officer Daniel Zhang will replace him as chairman, while Ma will complete his current term on Alibaba's board of directors following the company's annual general meeting in 2020.

The businessman described the move as a step up to the "next level of corporate governance", and transition from a company that fully relies on individuals to "one built on systems of organizational excellence and a culture of talent development".

Ma will continue as the executive chairman of the company over the next 12 months.

.

The group has the ability to nominate the majority of directors on the company's board, and now five of Alibaba's eleven board members have been nominated by the partnership.

Ma, one of the world's richest men, co-founded Alibaba in 1999 with 18 staff, turning it into a global internet sales and payments behemoth.

Mr Ma has a current net worth of $36.6bn (£28.3bn), according to Forbes.

"Teachers always want their students to exceed them, so the responsible thing to do for me and the company to do is to let younger, more talented people take over in leadership roles", Mr Ma said in a statement on the day of his 54th birthday.

"Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba", Mr. Ma said in the letter. Alibaba now also handles digital payments, online banking, cloud computing and digital media and entertainment.

Ma stepped down as chief executive in 2013.

Zhang will also retain the CEO title, the company said.

Related:

Comments

Latest news

Missouri college to strip athletes of Nike branding over Kaepernick controversy
And I think they've done that. "It's a handsome spot and pretty powerful people [are] in the spot", he added. Kaepernick burning or trashing their equipment and/or vowing never to buy the company's wares.

Who Drilled the Hole That Caused the ISS Air Leak?
Space station astronauts patched a small hole in the upper orbital module of the Soyuz MS-09 spacecraft (left) on August 30, 2018. Dmitry Rogozin, head of Roscosmos, is quoted by Russian news agency Tass as saying: "We are considering all the theories".

Myanmar official 'underestimated' economic impact of Rohingya crisis:The Asahi Shimbun
Adilur Rahman Khan, vice-president of the International Federation for Human Rights, said in a statement . Security Council meeting on Myanmar in the week before the verdict.

Microsoft has made a grease-proof Xbox One controller
Xbox Australia has announced a "greaseproof" Xbox One controller that features a "special coating resistant to grease and oil". If you're partial to a greasy takeaway while you play computer games, this new Xbox One controller will be on your wish list.

Former US presidential advisor sentenced to 14 days in prison
The memo went on to say that Papadopoulos was "ashamed and remorseful", but he did not always seem that way on social media. Federal sentencing guidelines under Papadopoulos' plea deal called for a penalty between probation and six months in prison.

Other news