TECHNOLOGY

Billionaire Jack Ma Steps Down As Alibaba Chairman On 55th Birthday

Mumbai: Billionaire co-founder of Chinese e-commerce giant Alibaba, Jack Ma stepped down from his role as chairman on his 55th birthday on Tuesday.

Ma co-founded Alibaba in 1999 and is currently the 20th richest person in the world with assets of $ 41.8 billion according to Bloomberg. A former English teacher, Ma said last year that he would return to teaching after retirement.

Well, Ma will continue serving on Alibaba’s board until its general shareholder’s meeting until next year. He also remains a lifelong partner of the Alibaba Partnership, a group drawn from the senior management ranks of Alibaba Group companies and affiliates to be nominated (and in some positions, appointed) up to a simple majority of its board. Is right.

Ma stepped down as CEO of Alibaba in 2013 and was succeeded first by Jonathan Lu. In 2015, Lu was replaced by Zhang, the company’s former COO. As its CEO and now its president, Zhang has taken the reins of Alibaba as it faces a slowdown in China’s e-commerce market after a decade of explosive growth. The online retail landscape now also includes new players such as Pindduo, who have gained an advantage for Internet companies by focusing on smaller cities, important growth markets.

Ma said in last year’s announcement that he plans for his departure from Alibaba Group to be very gradual: “The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba.”

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