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Jack Ma, founder and chairman of Alibaba, is going to leave his position

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Jack Ma, founder and chairman of Alibaba, is going to leave his position
September 11
09:00 2018

Next year, the founder of Alibaba Jack Ma is going to leave his post. Daniel Zhang will get the position of Chairman, Board of Directors. He will combine it with the duties of the CEO.

Mr. Ma announced his decision to resign on Monday. He wrote a public letter to clients, shareholders and employees, where he told that he intended to realize his dream and devote himself to educational projects. He is not going to give lectures, but intends to act as a philanthropist. We recall that Jack Ma was teaching English before the creation of the empire of Alibaba in 1999. The company founder is not going to completely give the highly structured corporation into the wrong hands as he intends to occupy the seat in the Board of Directors until the year 2020.

Over the life of the company, it has turned into a giant Internet retailer. The cost of Alibaba is 420 billion US dollars. The last quarter has brought the company about $ 12 billion of revenue, which is 60% more than in the same period in 2017.

In 2013 Jack Ma left the post of the company’s CEO, but remained the Head of the Board of Directors. In addition, he represents the company abroad. According to various estimates, his personal wealth is approximately $ 40 billion.

Daniel Zhang was chosen the heir of Mr. Ma for a good reason. He has been working in the company since 2007. Tmall – B2C platforms is the sphere of his activity. They are designed to work with foreign firms wishing to enter the Chinese market. The idea of sales in the “Day of lonely people”, which is celebrated in China, also belongs to him. Mr. Zhang is also involved in a new project of Alibaba, which connects ordinary stores and Internet finance.

Jack Ma considers Daniel Zhang to be a good specialist and responsible person. “The company has had a steady growth over 13 quarters under his leadership. He is an excellent analyst; he cherishes our concept and is eager to innovate “, – said the founder of Alibaba.

In August, it became known that Alibaba, RDIF and are negotiating the establishment of an enterprise in Russia, which will be engaged in electronic commerce.

The parties did not comment on this news. However, it was confirmed by the authoritative financial edition of the Financial Times.


The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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