Sunday, 22 September, 2019

Alibaba Founder Jack Ma Resigns as Company Chief

Alibaba Reveals New Core Values on Its 20th Anniversary Alibaba's Jack Ma steps down as industry faces uncertainty
Shannon Reynolds | 11 September, 2019, 03:38

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.

The businessman will also continue mentoring the company's management as he remains a lifetime partner in a corporate governing body called Alibaba Partnership, which has the right to nominate directors to the company's board.

Chinese business magnet Jack Ma is officially stepping down as Alibaba's executive chairman.

The date, Ma has chosen to step down is September 10. According to Forbes magazine, he is China's richest man with a networth of $38.4 billion.

Ma announced his retirement from Alibaba previous year, saying he was leaving to pursue philanthropic endeavors geared toward education.

On 4 April 1999, Ma and his team of 17 friends and students founded Alibaba.com, a China-based B2B marketplace site, in his Hangzhou apartment.

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His prosecution came after his release from prison in June following a two-month sentence related to the 2014 protests. The weekend unrest signaled that protests against Beijing's increasing grip over Hong Kong showed no sign of stopping.

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In a move first announced past year, Ma is handing over the reins to current CEO Daniel Zhang, who now faces the hard task of steering Asia's most valuable listed firm at a time when growth in its core e-commerce sector has slowed significantly, China's economy is faltering and trade tensions are on the rise.

"'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".

Costumed performers, some dancing to dubstep music and dressed in traditional Chinese dress, and singers paid tribute to Ma's reputation for dressing up and performing at big events, entering to a parade of floats representing Alibaba divisions such as shopping site Tmall and payment service Ant Financial.

Although some people see a linkage in the timing of Ma's exit as the Chinese government's efforts at tightening grip on internet companies, Ma has denied Beijing's pressure has anything to do with his retirement.

Jack Ma's charismatic leadership made him one of the most recognised Chinese entrepreneurs.

Alibaba stock was up 0.62 percent in after-hours trade on Monday.

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