Alibaba is over to CEO Zhang, Jack Ma is about to step down in one year

News - (1 week ago)

BEIJING- Jack Ma, the fascinating co-founder of Alibaba Group Holding Ltd which is China’s largest E-commerce firm will step down from his chairman post in one year due to his interest towards education and philanthropy and pass his position to the trusted Lieutenant Deniel Zhang.


 

Ma, turned 54 this year and was planning to step back from the Alibaba, and told that the firm will not be affected by his retirement. But it is much unexpected and extremely rare decision of a founder of such big technical firm to get retirement so early. Ma has joined Alibaba as Chief executive in 2013.company’s affairs are dealing by the members of the board and will discuss on the annual meeting in 2020, Ma will resign exactly in a year on September 2019.    

 

alibaba   

 

Rupert’s words “There’s only Bill Gates who taken such step. No other founder of a largest firm resigned like that at the top. ”

Hoogewerf wrote that in China, Ma has a different and unique personality from others. He is like one in billions in his friends circle and known as the one who bring each of them together.

 

Zhang age 46 is known as the key architect of Alibaba’ “Single Days” and has been CEO since 2015 after serving as chief operating officer. On November 11, the world’s largest online shopping event, Zhang will also continue as CEO. “Under the leadership of Zhang, Alibaba has progressed very constantly and sustainably. The decision of handover the Alibaba to Zhang and his team is a very accurate decision on right time,” Ma wrote in a letter released by the firm.

 

According to Forbes, Ma founded Alibaba in 1999 with a team of 17 members with no experience in technical work and was an English teacher and now he is one of the China’s richest people with net worth of 36.6 billion dollars. This firm was founded at the time when this career was one of the most risky paths to follow among those dominated state-owned firms and now it has more the 66,000 full-time employees, with market value of around 420 billion dollars.   

    

Duncan Clark said, “He represented China globally as a technical firm and also put the human face on technology,” Alibaba is also known as “the House that Built.”   

 

 Kung Fu and his Pop Routine

 He is also known for his dynamic personality. He also showed up in different events of company and last year he was pointed out with Chinese action star Jet Li in a short film.Ma motivates his workers by saying that this company will long last to 102 years and on the other hand he said that he was planning his retirement from previously ten years.

 

After leaving The Alibaba, he planned to join the management part of the “Alibaba Partnership”, which is based on 36 group members who are the known as the core managers of the firm.This “Alibaba Partnership” has the ability to nominate the board team of the Alibaba Company and also have nominated five members out of eleven.  

The other members from the eleven include:

  • Eric Jing, chief of Alibaba payment affiliate Ant Financial (ANTFIN.UL),
  • Joe Tsai, executive vice chairman of Alibaba,
  • Simon Hu, chief of Alibaba Cloud,
  • Lucy Peng, heads Alibaba’s Southeast Asia business.  

Ma also promotes Alibaba at international level in business and politics. In 2014, he and a co-founder Joe Tsai started a charitable trust which focuses on the environment and health facilities and was funded by the 2% economy of both of the partners with equity.

 

In last year Ma invested in a rural education project in China about 45 million dollars. He also takes step to start a scholarship program in Newcastle, Australia.   

 

Ma owns around 6% of Alibaba’s stock and also controls Ant Financial, is giving resignation so it’s a very challenging time for the Chinese technical company in their growth.   

 

Alibaba makes profit about 61% in its online e-commerce business but the profit has been balanced by the investments of the companies and now it’s really a tough battle to maintain that position in e-commerce and payments.      

A company “Tencent Holding Ltd” to maintain a strong position in food delivery market, states that it will merge its unit including Ele.me and Koubei and also raise funds for the combine business.

 

Alibaba also invests in microchips, sports content and other technical applications like facial reorganization to make strong impact on cloud computing.     


loading comments form ...

0 reviews & 0 answers