Jack Ma Officially Steps Down As Alibaba’s Chairman

Jack Ma has left Alibaba. This was him on his last day of work

Jack Ma has left Alibaba. This was him on his last day of work

A farewell party will be held for him on Tuesday at the 80,000-capacity Hangzhou Olympic Sports Center stadium, which will include celebrity performance and his speech, which investors will pay keen attention to know how involved he will be in the company's management after he retires.

Alibaba Group founder Jack Ma, who helped launch China's online retailing boom, stepped down as chairman of the world's biggest e-commerce company Tuesday at a time when its fast-changing industry faces uncertainty amid a U.S.

It is a group of 36 people empowered to nominate a majority of the directors to the board.

Ma was born on 10 September 1964 in Hangzhou, Zhejiang, China.

With 6.44 per cent of shares in his bracket, Jack will continue to exert his influence on China's biggest e-commerce company through his lifetime membership with the Alibaba Partnership, reported CNN.

Ma announced previous year that he would be stepping down as Alibaba's chairman on September 10, 2019. In the process, Ma has become one of the richest men in the world, with a net worth of almost $42B, according to Bloomberg's Billionaires Index.

IMAGE FT
IMAGE FT

The Hurun Report, which follows China's wealth, estimates Ma's fortune at $38 billion.

"'Jack has been signaling for some time his interests in philanthropy, environment, women's empowerment, education, and development", said Duncan Clark, the author of 'Alibaba: "The House That Jack Ma Built".

Like Ma already announced past year, Daniel Zhang, now Alibaba's chief executive, will take over Ma's role.

Alibaba is one of a group of companies including Tencent Holding Ltd., a games and social media giant, search engine Baidu.com Inc. and e-commerce rival JD.com that have revolutionized shopping, entertainment and consumer services in China.

Ma had expressed his intent to resign a year ago.

While noting his retirement as iconic, Reuters analyzed that Ma's retirement is part of the Chinese government's efforts to expand its control over IT entrepreneurs.

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