FinTech

Alibaba’s chairman, Jack Ma stepped down today

Alibaba
Mandatory Credit: Photo by CHRISTOPHE PETIT TESSON/EPA-EFE/Shutterstock (10237756g) Jack Ma, Executive chairman and co-founder of Alibaba Group arrives at the Tech for Good summit, in Paris, France, 15 May 2019. Tech for Good summit is held at Elysee palace with several world leaders and tech bosses as part of the 'Christchurch Call' meeting which aims at ways to tackle and eliminate terrorism and violent extremist content online. 'Christchurch call' meeting in Paris, France - 15 May 2019

Jack Ma has stepped down as Alibaba’s chairman today. He has handed the role over to the company’s current CEO, Daniel Zhang. The transition was announced a year ago.

Ma will continue serving on Alibaba’s board until its annual general shareholders’ meeting next year. He also remains a lifetime partner of Alibaba Partnership, a group drawn from the senior management ranks of Alibaba Group companies and affiliates that have the right to nominate (and in some situations, appoint) up to the simple majority of its board.

Ma said in last year’s announcement that he plans for his departure from Alibaba Group to be very gradual: “The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba.”

Ma left Alibaba’s CEO position in 2013 and was succeeded first by Jonathan Lu. In 2015 Lu was replaced by Zhang, the company’s former COO. As its CEO and now its chairman, Zhang has taken Alibaba’s reins as it copes with a slowdown in China’s e-commerce market after a decade of explosive growth.

The online retail landscape also now includes new players like Pinduoduo, which have gained an advantage by focusing on smaller cities, which are important growth markets for internet companies.

One interesting fact about the day Ma chose for his retirement as chairman is that it is Teachers’ Day in China. Ma is a former English teacher who is still nicknamed “Teacher Ma” and has said that he plans to devote time to education philanthropy.