Published: Wed, September 11, 2019
Markets | By Otis Pena

Alibaba founder Ma steps down as industry faces uncertainty:The Asahi Shimbun

Alibaba founder Ma steps down as industry faces uncertainty:The Asahi Shimbun

KAZINFORM Jack Ma, founder and executive chairman of Chinese e-commerce giant Alibaba Group Holding Inc., formally retired, with chief executive Daniel Zhang succeeding him as chairman, local media said Tuesday.

The e-commerce giant celebrated its 20th anniversary at the Hangzhou Olympics Sports Expo Center with 60,000 people attending, mostly employees who won their tickets through lucky draws.

Ma, who turned 55 on Tuesday, is considered young to be stepping away from the company he helped to build from the ground up in a country where founders are inclined to wield a tight grip over their companies well into their eighties in some cases.

In an open letter previous year where he announced his retirement plans, Ma said he wants to return to education, which gives him excitement and blessings.

Ma will be thus leaving his handpicked successor Daniel Zhang a daunting task of steering the $460 billion Alibaba at a time when the market for its core e-commerce business has slowed sharply.

Corporate governance specialists have questioned the Alibaba Partnership, which gives Ma and a group of executives more control over the company than shareholders. The former English teacher has said he now plans to turn more towards philanthropy, with a focus on education.

Alibaba's Jack Ma steps down as industry faces uncertainty

Ma had expressed his intent to resign a year ago.

Alibaba founder Jack Ma resigned as head of the Chinese company's board of directors, Bloomberg reports. With his almost $40 billion fortune, Jack Ma is China's richest man.

Costumed performers, some dancing to dubstep music and dressed in traditional Chinese dress, and singers paid tribute to Ma's reputation for dressing up and performing at big events, entering to a parade of floats representing Alibaba divisions such as shopping site Tmall and payment service Ant Financial. Tsai told reporters in May the company is "on the right side" of issues in U.S. It has since become one of the biggest retailers in the world. Ma resigned as Alibaba's CEO on May 10, 2013. I don't want to look at the things back. The Chinese entrance exams are held only once a year and Ma took four years to pass. Ma attended Hangzhou Teacher's Institute (currently known as Hangzhou Normal University) and graduated in 1988 with a BA in English.

Last month, Alibaba reported a strong revenue growth in the first quarter of the 2020 fiscal year ending June 30, with a 42 percent year-on-year increase to 114.9 billion yuan and a 30.95-billion-yuan net profit, up 54 percent compared with the same period of the previous year.

Ma managed to turn his company into an worldwide heavyweight, and the company's listing on the New York Stock Exchange in September 2014 set a record, becoming the largest IPO in history.

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