Alibaba founder Jack Ma to step down as chairman in September 2019

Alibaba founder Jack Ma to step down as chairman in September 2019

Alibaba founder Jack Ma to step down as chairman in September 2019

Odd are the ways in which tech honchos function: News about a change of guard came via his interview on Friday with The New York Times - at a time when US-China trade war is at its zenith - and not from Alibaba itself.

With no background in computing, Mr Ma co-founded Alibaba in his apartment almost two decades ago, having convinced a group of friends to invest in his online marketplace.

A devotee of Chinese martial art form Tai Chi, Ma started Alibaba in 1999 from his modest apartment in Hangzhou, the capital of east China's Zhejiang Province, with 17 other people (remember that Jeff Bezos started Amazon from a garage in Seattle). His retirement as executive chairman will coincide with his 55th birthday.

Alibaba has since moved into cloud computing, digital payments, health care, Hollywood movies and backing China's startups.

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Mr. Ma (54), will hand over the keys of his company to 46-year-old Daniel Zhang in an unprecedented succession plan that will slowly take the focus off one of China's most recognisable corporate names over the next 12 months, Hong Kong-based South China Morning Post, which is owned by Alibaba, reported.

Zhang will also retain the CEO title, the company said.

The company's $25 billion initial public offering on the New York Stock Exchange in September 2014 was the biggest to date by a Chinese company. I also want to return to education, which excites me with so much blessing because this is what I love to do. "There's a lot of things I can learn from Bill Gates. All these things that I've been preparing for 10 years", he said, who is now China's richest man.

The group has the ability to nominate the majority of directors on the company's board.

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After the meeting he said that they had both agreed that US-China relations "should be strengthened, should be more friendly and do better".

"There isn't a face or name more recognizable globally that represents the rise of China's internet and its consumers than Jack Ma", said Tanner.

"This transition demonstrates that Alibaba has stepped into the next level of corporate governance from a company that relies on individuals, to one built on systems of organisational excellence and a culture of consistent talent development", Mr. Ma said in his letter.

But he has also said in the past that he isn't happy being the wealthiest person in China, where vast personal fortunes have only emerged in recent years and are subject to intense scrutiny. Such scandals haven't been associated with Ma or Alibaba.

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"On a day-to-day basis, Alibaba shareholders probably have little to fear", said Silvers.

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