Jack Ma, China's richest man, steps down as chairman of Alibaba

Jack Ma, China
# 10 September 2019 11:55 (UTC +04:00)

The Alibaba founder, Jack Ma, is stepping down as head of one of the world’s largest e-commerce companies, handing over the reins to his handpicked successor, APA reports citing The Guardian.

Ma, who announced his retirement as chairman of the company last year, will celebrate his final day at a celebration marking his 55th birthday at an Olympic-sized sports stadium in Hangzhou, where he founded the company 20 years ago. The charismatic entrepreneur and one of China’s most recognisable public figures will be replaced by the lower profile Daniel Zhang, the company’s chief executive and an accountant by training.

In a video posted on Monday, Ma said: “I’m the person always looking forward. I don’t want to look at the things back.” Ma, a former English teacher, has previously said he will turn his attention to philanthropy, focusing on education in rural areas. In an open letter announcing his resignation last year, Ma wrote: “I still have lots of dreams to pursue. Those who know me know that I do not like to sit idle. The world is big, and I am still young, so I want to try new things”.

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