Jack Ma will hand over leadership to current Group CEO Daniel Zhang.
Retirement to start next year
The co-founder and executive chairman of Alibaba, Jack Ma, has announced his retirement exactly a year from today. He is leaving to focus his time on developing education and philanthropy through the Jack Ma Foundation.
Though Ma will hand over the reins to Zhang on 10 September 2019, he will remain as a director on Alibaba’s board until 2020. In a letter released to employees detailing his retirement plans, Ma shares that he has “put a lot of thought and preparation into this succession plan for ten years.”
A common mission and vision
Ma is confident that Alibaba will continue to see sustained growth even without him. It is a unique combination of culture, talent and partnership within Alibaba that has created a strong foundation and also allows it to enjoy future success.
“Alibaba is amazing not because of our business or scale or accomplishments. The best thing about Alibaba is that we come together under a common mission and vision. Our partnership system, unique culture and talented team have laid a strong foundation for the legacy of our company.”
Ma signs off by saying, “Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba.”
More about Alibaba Group
Founded in 1999, Alibaba has grown to become the largest ecommerce company in the world in terms of Gross Merchandise Volume (GMV). In addition to its retail and wholesale businesses, Alibaba has also built an entire ecosystem that incorporating digital payments, online logistics and digital entertainment. After establishing itself firmly in China, the Group is now expanding internationally, with an aim to become a truly global company.
Find out more about Alibaba Group here.
Retail Analysis Asia