Alibaba Cofounder and Chairman Jack Ma has decided to step down from the position and hand it over to CEO Daniel Zhang.
Chairman of Chinese e-commerce retailer Jack Ma 53 has announced on Friday that he is retiring from e-commerce giant, the New York Times reported. He further explained the reason for leaving which is to pursue his philanthropic endeavors for education.
The South China Morning Post has reported on Saturday that Ma will reveal succession plan in a press release on Sunday.
However, Ma will continue to serve as a Chairman of the company for 12 months until September 10, 2019, he will hand it over the position to CEO Daniel Zhang after this time period in order to ensure a smooth transition.
Jack Ma will also remain on Alibaba’s board of directors until 2020. Jack Ma started Alibaba back on 1999 with 17 other people, he had a vision and strategic direction which lead the company to $420 billion company having more than 500 million Chinese customers who use the website to purchase literally everything.
Alibaba now also run digital payment systems, online banking, digital media & entertainment, and cloud computing.
During his success with Alibaba Jack Ma became the Chinese richest man with a net worth of over $40 billion. Jack Ma’s letter to company’s customers and shareholders was included in the press release in which he said, “He has put a lot of effort and thought in preparing this succession plan for 10 years.”
“I still have lots of dreams to pursue, people who know me know that very well I do not like to sit idle, I wish to return back to education which brought me so many blessings, this is what I love to do. The world is big and I am still young, that is why I want to try new things, and what if new dreams can be realized?”