Alibaba's Jack Ma to step down in one year, Zhang to become chairman

Record ID: 1355659

  • Title: Alibaba's Jack Ma to step down in one year, Zhang to become chairman
  • Date: 10th September 2018
  • Summary: SHANGHAI, CHINA (FILE - NOVEMBER 12, 2017) (REUTERS) ***WARNING CONTAINS FLASH PHOTOGRAPHY*** ALIBABA GROUP CHIEF EXECUTIVE DANIEL ZHANG WALKING ONTO STAGE VARIOUS OF ZHANG DELIVERING A SPEECH ON STAGE ALIBABA GROUP FOUNDER JACK MA, SEATED IN AUDIENCE SHANGHAI, CHINA (FILE - AUGUST 2, 2018) (REUTERS) ZHANG AND STARBUCKS CHIEF EXECUTIVE KEVIN JOHNSON ON STAGE DELIVERY APP S
  • Embargoed: 24th September 2018 06:51
  • Keywords: CEO business internet step down mogul corporate China Daniel Zhang Alibaba Jack Ma billionaire
  • Location: SHANGHAI/HANGZHOU, ZHEJIANG PROVINCE/BEIJING, CHINA
  • City: SHANGHAI/HANGZHOU, ZHEJIANG PROVINCE/BEIJING, CHINA
  • Country: China
  • Topics: Company News Markets,Economic Events
  • Reuters ID: LVA0018X1KTQL
  • Aspect Ratio: 16:9
  • Story Text:Jack Ma, the charismatic co-founder of China's largest e-commerce firm Alibaba Group Holding Ltd., will step down as chairman in exactly one year on Sept. 10, 2019, the company said on Monday (September 10).
    Current Alibaba Chief Executive Daniel Zhang will replace him as chairman, while Ma will complete his current term on Alibaba's board of directors following the company's annual general meeting in 2020.
    Ma, who turned 54 on Monday, relinquished the role of chief executive in 2013. Zhang, 46, has been in the job since 2015 after serving as chief operating officer and is known as a key architect of Alibaba's "Singles Day", the Nov. 11 event that has become the world's largest online shopping event.
    Zhang will also retain the CEO title, the company said.
    Ma, a former English teacher who co-founded Alibaba in 1999, is one of China's richest people with a net worth of $36.6 billion, according to Forbes. The company has grown to have more than 66,000 full-time employees and a market value of some $420 billion.
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