Billionaire tech tycoon Jack Ma will step down as Alibaba’s government chairman subsequent yr, the corporate introduced Monday.
“No firm can rely solely on its founders,” Ma said in a letter to prospects, staff and shareholders. “Due to bodily limits on one’s means and power, nobody can shoulder the duties of chairman and CEO perpetually.”
Ma, a former English trainer who began Alibaba ( )nearly two decades ago and constructed it right into a $420 billion firm, might be succeeded by present CEO Daniel Zhang.
Ma, who will stay on the corporate’s board of administrators till 2020, stated he has spent the final 10 years getting ready for this succession plan, working to determine and develop the precise expertise inside Alibaba.
“Academics all the time need their college students to exceed them, so the accountable factor … for me and the corporate to do is to let youthful, extra gifted individuals take over in management roles,” he stated.
Zhang joined Alibaba in 2007 and held a spread of senior administration roles earlier than taking on from Ma as CEO in 2015.
The announcement comes at an unsure time for Chinese language tech firms. The shares of Alibaba and different high corporations have been hit by issues concerning the well being of China’s financial system and Beijing’s elevated scrutiny of the sector.
Ma, who turned 54 on Monday, stated he needs to return to training, including that he’s nonetheless younger and has “plenty of goals to pursue.”
CNNMoney (Hong Kong) First revealed September 9, 2018: 9:25 PM ET