Billionaire and philanthropist Jack Ma who is also the founder of the Alibaba group of Companies has officially stepped down as the chairman of the company.
Current company CEO Daniel Zhang will take over as the chairman of the company. The decision was announced last year after Jack Ma had indicated that he would be stepping down.
Ma will continue serving on Alibaba’s board until its annual general shareholders’ meeting next year. He also remains a lifetime partner of Alibaba Partnership, a group drawn from the senior management ranks of Alibaba Group companies and affiliates that has the right to nominate (and in some situations, appoint) up to simple majority of its board.
In 2013, Jack Ma stepped down as the Chief Executive officer of the Alibaba group and was succeeded by Jonathan Lu. However, in 2015, Jonathan Lu was succeeded by Daniel Zhang who was the Chief Operations Officer of the company at the time.
Zhang has taken Alibaba’s reins as it copes with a slowdown in China’s e-commerce market after a decade of explosive growth. The online retail landscape also now includes new players like Pinduoduo, which have gained an advantage by focusing on smaller cities, important growth markets for Internet companies.
Jack Ma has previously been seen around providing support to startups around the world and now in his retirement, it is believed that he will be doing philanthropy in the Education sector.
Jack Ma had promised that the step down and hand over would be smooth and gradual and he has indeed kept to his words. He will now be looking on from the sidelines as well.
Author: Moses Echodu
Moses is an avid Sports and Tech enthusiast. He loves to keep up to date with all the latest information and research on some of the most compelling stories.