Alibaba’s Jack Ma Announces Retirement, Names Successor

Chinese e-commerce giant Alibaba announced in a letter this week that its Chairman of the board, Jack Ma will be retiring next year. He will be succeeded by CEO Daniel Zhang starting September 10, 2019.

Ma said that he will be staying as executive chairman for the next 12 months to ensure the smooth transition of the chairmanship to Zhang. He added that he will be staying on the board of directors only until 2020 annual shareholders meeting. It was, however, said that Ma had worked on the transition since 2013 which means there will not be a lot of changes in terms of strategies.

Ma, a former English teacher, said that after his role in the company, he will be returning to education and continue his work in the Alibaba Partnership.

 

Source: CNBC