Alibaba founder Jack Ma to step down as chairman in September 2019

11 September, 2018, 00:48 | Author: Mary Valdez
  • Alibaba Group Executive Chairman Jack Ma gestures as he attends the 11th World Trade Organization's ministerial conference in Buenos Aires Argentina

Ma was an English teacher before starting Alibaba in his apartment in the eastern city of Hangzhou in 1999 - where its headquarters remain to this day - building it into an e-commerce colossus and becoming one of the world's richest men and most recognizable figures in China. Alibaba now also handles digital payments, online banking, cloud computing and digital media and entertainment.

Ma, who turned 54 on Monday, became one of China's most famous entrepreneurs and one of the world's richest. The Hurun Run report, which follows China's wealthy, estimates his net worth at $37 billion.

The company's $25 billion initial public offering on the New York Stock Exchange in September 2014 was the biggest to date by a Chinese company.

Zhang will be promoted to the executive chairman on September 10, 2019, while Ma remains a director on Alibaba's board and a permanent member of the Alibaba Partnership, according to a letter written by Ma to all staff including to the Post. That arrangement limits shareholder control, but Ma has defended it as a way to keep Alibaba focused on long-term development.

"The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba", he said.

Zhang, a former accountant, has worked at Alibaba Group for 11 years and is credited with establishing the e-commerce giant's Singles' Day event and for being one of the key driver's behind Alibaba's new retail strategy.

E-commerce sales in China rose 32.2% previous year to 7.2 trillion yuan, accounting for 20% of total retail spending.

"Daniel has been instrumental in bringing Alibaba to its current scale", said John Choi, the head of China internet research at investment bank Daiwa Capital Markets.

Stewardship of Asia's most valuable company is passing to a financial wizard who has led the company's effort to drag the traditional retail industry into the 21st century.

China angered after British Navy warship sails near S.China Sea islands
HMS Albion's recent challenge comes after the United States said it would like to see more global participation in such actions. Beijing has repeatedly rejected the ruling and earlier refused to participate in the case brought by the Philippines.

Tropical Storm Isaac, 9th named storm of season, forms in Atlantic
Loewenthal said the area should prepare to see impacts, including rough surf and unsafe rip currents, as early as Sunday. It's too soon to determine if Florence will hit land, where it might hit and what the magnitude of the winds might be.

Police detain suspected shooter in Cincinnati's Fountain Square, dispatcher says
He said a woman also was walking into the bank at the same time, but she had her headphones on and couldn't hear their warnings. People in and around the building reported hearing a series of gunshots. "We as a country have to deal with it", Cranley added.

Zhang arrived at Alibaba in 2007 as the finance chief of the company's Taobao Marketplace, which he helped develop into one of the group's top businesses.

Ma fought back by launching Taobao, an eBay-style consumer-to-consumer site.

The company, founded at a time when the industry was still dominated by state-owned firms and entrepreneurship was seen as a risky career path, has grown to have more than 66,000 full-time employees and a market value of some $420 billion.

Ma is moving on with Alibaba in a dominant position in China and pushing into overseas markets from Southeast Asia to Russian Federation. That service later became instrumental in helping fix Alibaba's image, and the US removed the company from its "Notorious Markets" list in 2012 (though it re-joined in 2016). Both were later removed but complaints from makers of luxury goods and other brand owners intensified.

He owns almost 9% of Alibaba, which is now worth $420bn. The two sides settled the dispute past year with an agreement to cooperate in combating trafficking in fakes.

The company has wowed investors year after year with sterling revenue growth with Zhang at the helm.

The decision comes after Ma was rumored at the weekend to be on the verge of walking away from the company to concentrate on his charitable work and teaching.

Don't miss out on the latest news and information.


  • Chair umpire gives John Millman OK for off-court shirt switch

    Chair umpire gives John Millman OK for off-court shirt switch

    The 28-year-old will have to fight hard on Friday against Djokovic to reach only the second Grand Slam final of his career. Naomi Osaka won her quarterfinal in the match that preceded Nishikori's.
    The many examples of Trump officials resisting the President

    The many examples of Trump officials resisting the President

    FILE PHOTO: Journalist Bob Woodward arrives at Trump Tower in NY , U.S., January 3, 2017. Mark Meadows of North Carolina, a Trump ally, said the legislative body could take part.
    Novichok agent amount in bottle could kill 4,000 people

    Novichok agent amount in bottle could kill 4,000 people

    Russian Foreign Ministry spokeswoman Maria Zakharova says the names of the men and their photos "say nothing to us". British Security Minister Ben Wallace said Putin bore ultimate responsibility for the poisoning.
  • Giuliani: Trump will not answer obstruction questions

    Giuliani: Trump will not answer obstruction questions

    If the probe ends without a criminal prosecution of Trump, Hamilton says, there will be many Democrats who will be disappointed. Mueller's probe, which has come to be known as "Russiagate", has been around nearly as long as Trump has been president.
    Trump Mocks NFL Over Dip In Broadcast Ratings

    Trump Mocks NFL Over Dip In Broadcast Ratings

    On Sunday morning - before the first full slate of games - Donald Trump tweeted his disapproval of the NFL . Kenny Stills and Albert Wilson knelt during the playong of the national anthem on Sunday.
    Trump salutes Kim for North Korean parade without nuclear missiles

    Trump salutes Kim for North Korean parade without nuclear missiles

    North Korea has long used parades to display the strength of its military, having most recently held one of February of this year. Sunday's parade came just days after a high-level South Korean delegation had returned from a meeting with Kim in Pyongyang.
  • Call of Duty: Black Ops 4 Blackout Battle Royale Trailer Released!

    Call of Duty: Black Ops 4 Blackout Battle Royale Trailer Released!

    The trailer was released on Thursday, September 6 on the Call of Duty Twitter account with the tagline of 'Welcome to the Party. That's just my guess though, it will be interesting to see some analysis once the Blackout beta lands in a few days time.
    Osaka makes history amid extraordinary Serena umpire row

    Osaka makes history amid extraordinary Serena umpire row

    Open final Saturday in a match that left victor Naomi Osaka in tears and is still inspiring reflection and criticism a day later. They came to life again as Williams gained her first break chance, which Osaka saved with a 117 miles per hour service victor .
    Nations League: Unlucky England still need to adapt against the big teams

    Nations League: Unlucky England still need to adapt against the big teams

    And despite late Three Lions substitute Danny Welbeck netting very late on, the goal was ruled out for a foul on David de Gea . England teammates expressed relief about Shaw's injury, with manager Gareth Southgate equally relieved.
  • Power restored at 1.4 million households in Hokkaido

    Power restored at 1.4 million households in Hokkaido

    In the regional capital, Sapporo, lights and water were restored to many areas a day after the entire island saw power cut off. Typhoon Jebi , which made landfall on Tuesday in the Kansai region, left at least 11 dead and 600 injured.
    Nike's Labour Day sales surge by 31% post its Colin Kaepernick campaign

    Nike's Labour Day sales surge by 31% post its Colin Kaepernick campaign

    But 14-time major champion Woods praised Nike for making Kaepernick as the face of its 30th anniversary "Just Do It" campaign . Sales increased 31 percent from Sunday through Tuesday of this week, according to research firm Edison Trends .
    Pace of U.S.  hiring accelerates

    Pace of U.S. hiring accelerates

    Average hourly wages are now 2.9 percent above where they were a year earlier, the fastest year-over-year gain in eight years. Wages picked up in August, with the annual wage growth increase moving up to 2.9 percent from August's 2.7 percent.


Les Moonves Faces New Sexual Assault Allegations, Leaving CBS
But after the second New Yorker story was published, public pressure for him not to receive any financial compensation mounted. The women have said that Moonves forced himself on them, and that their careers suffered after they rejected his advances.

Philadelphia pulls off the ‘Philly Special’ trick play against the Falcons
Jenkins stood with teammates while Bennett wandered behind them near the Eagles bench and adjusted his equipment. With 7:41 remaining in the third quarter and the Eagles trailing 6-3, they were in need of a jump-start.

Novak Djokovic Wins the U.S. Open
The eighth game was an epic, lasting over 20 minutes and featuring eight deuces before Djokovic withstood the pressure to hold. Djokovic was soon 3-1 up in the second set before Del Potro carved out his first break point of the match to level at 3-3.

Dallas officer who killed black man also shot a man in 2017
Police identified the officer as Amber Guyger , a four-year veteran of the department assigned to the Southeast Patrol Division. Renee Hall said the day after the shooting that her department was seeking manslaughter charges against Guyger.

Trump fires back at Apple: Make your products in US
Then he added: "I hate to say this, but behind that there is another $267bn ready to go on short notice if I want. It brought in about $6.1 billion in revenue previous year , according to an estimate from analyst firm Bernstein.

Les Moonves Tried to Blacklist Janet Jackson After Super Bowl Wardrobe Malfunction
Moonves was accused by multiple women of sexual harassment over the course of his career in a recent New Yorker article. But Timberlake was allowed to perform at the ceremony after he "tearfully apologized" to Moonves, according to sources.

Four signings Zinedine Zidane wants if he signs for Man United earlier reported that Manchester United have relaunched their bid to sign Real Madrid midfielder Toni Kroos this summer. Speaking earlier this week, Pogba said: "We have a pure coach-player relationship, that's right".

US Open 2018: Rafael Nadal outlasts Dominic Thiem in 5-set epic
Nadal had defeated Thiem in the Roland Garros final in June but this was their first meeting away from a clay court. One point later, Thiem double faulted, only his second of the match, first of the set. "But there has to be one".

Trump Tells Montana Rally Crowd: If I Get Impeached, it's Your Fault
In his July visit, Trump mocked the #MeToo movement, called Massachusetts Democratic Sen. "I don't think we should be talking about impeachment".

Fuel price hike: Petrol, diesel prices breach record levels on Friday
In Kolkata, the price of petrol has been increased to ₹82.88 per litre while the diesel price has gone up to ₹74.92 per litre. An official told the daily that the government can not , "disturb fiscal maths by cutting excise duty on petrol and diesel".