Alibaba announces CEO Daniel Zhang will succeed Jack Ma as chairman next year – TechCrunch

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Following hypothesis about Jack Ma’s imminent retirement, Alibaba Group introduced at this time that its CEO, Daniel Zhang, will succeed Ma as chairman subsequent 12 months. After stepping down as chairman on September 10, 2019 (precisely a 12 months from now), Ma will proceed serving as a board member till its annual common shareholders’ assembly in 2020.

After that, Ma will stay a lifetime associate of the Alibaba Partnership, or a bunch of 36 companions drawn from the senior administration ranks of Alibaba Group firms and associates. They maintain a substantial quantity of sway over the corporate as a result of they’ve the appropriate to appoint, or in sure conditions, appoint as much as a easy majority of its board of administrators.

Alibaba’s announcement follows studies that Ma’s retirement from the corporate he co-founded in 1999 as a web-based market was imminent, with Ma, a former English instructor, planning to dedicate his time to philanthropy in training. Ma downplayed these studies, nevertheless, telling the South China Morning Submit (which is owned by Alibaba) that as a substitute he’ll regularly cut back his function within the firm by way of a succession plan.

Ma stepped down as CEO in 2013, handing the place over to Jonathan Lu. Lu was changed in 2015 by Zhang, Alibaba’s former COO, after Ma reportedly advised workers that it’s time for the corporate to be run by folks born within the 1970s and after (Zhang was born in 1972, three years after Lu).

In a letter despatched to media shops at this time, Ma wrote that Zhang has “demonstrated his excellent expertise, enterprise acumen and decided management” since taking up as CEO. Beneath his stewardship, Alibaba has seen constant and sustainable development for 13 consecutive quarters. His analytical thoughts is unparalleled, he holds pricey our mission and imaginative and prescient, he embraces duty with ardour, and he has the heart to innovate and take a look at inventive enterprise fashions.”

Ma added that “this transition demonstrates that Alibaba has stepped as much as the subsequent degree of company governance from an organization that depends on people, to 1 constructed on techniques of organizational excellence and a tradition of expertise growth.”

Ma additionally re-emphasized his narrative that his departure from Alibaba Group might be very gradual. “I’ve put plenty of thought and preparation into this succession plan for 10 years. I’m delighted to announce the plan at this time due to the assist of the Alibaba Partnership and our board of administrators,” he wrote. “I additionally need to provide particular due to all Alibaba colleagues and your households, as a result of your belief, assist and our joint enterprise over the previous 19 years have ready us for at the present time with confidence and energy.”

Of his plans after Zhang takes over as chairman subsequent 12 months, Ma mentioned he’ll proceed contributing to the Alibaba Partnership, earlier than including “I additionally need to return to training, which excites me with a lot blessing as a result of that is what I like to do. The world is large, and I’m nonetheless younger, so I need to attempt new issues – as a result of what if new goals might be realized?! The one factor I can promise everybody is that this: Alibaba was by no means about Jack Ma, however Jack Ma will eternally belong to Alibaba.”

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