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Jack Ma to Step Down From Alibaba Next Year

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Founder of Alibaba Jack Ma plans to step down from his leadership and hand it over to the younger generation.

According to the South China Morning Post (SCMP), the media owned by the Alibaba, Jack Ma will announce his succession strategy on his birthday, on Monday, September 10, 2018.

Alibaba spokesman stated that Ma would still hold his position as Executive Chairman, and would prepare a transition plan for a certain period of time.

“It’s very proud that Alibaba now has the structure, corporate culture, governance and system for grooming talent that allows me to step away without causing disruption,” said Jack Ma, in an interview with SCMP.

Actually, Jack Ma has distanced himself from the company’s operational matters since he resigned as Chief Executive Officer in 2013. He spent more time and wealth on philanthropic activities through the Jack Ma Foundation.

According to Ma, a lot of things he learned from Bill Gates. “I can never be as rich, but one thing I can do better is, to retire earlier,” said Ma, who today turns 54 years old.

“I think someday, and soon, I’ll go back to teaching. This is something I think I can do much better than being CEO of Alibaba,” said Ma.

Before going into business, Ma was an English teacher. Among his partners, even Ma was called as ‘Teacher Ma’.

Ma founded the Alibaba online marketplace in April 1999 and in less than two decades the company developed into online shopping, electronic payment, cloud computing, and Artificial Intelligence.

Alibaba also invests in several major e-commerce in southeast Asia such as Lazada, and Tokopedia. Alibaba now has more than 86 thousand employees and its value has reached the US$ 420 billion.

Ma himself is the richest person in China, with a value of US$ 40 billion according to the Bloomberg Billionaires Index

Alibaba operations are now regulated by several key figures: Daniel Zhang as CEO; Simon Hu as president of the cloud computing business; Trudy Dai runs the business-to-business e-commerce marketplace; Yang Weidong regulates digital media and entertainment; Jiang Fan took care of Taobao, while Jet Jing led Tmall.

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Updated on September 10, 2015: Jack Ma announced that he will hand his role as Alibaba Chief Executive to Daniel Zhang next year. However, he still on Alibaba’s board until the 2020’s shareholder annual meeting.

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