China’s e-commerce company and billionaire businessman Alibaba’s founder Jack Ma will retire as executive chairman of the company next year and Daniel Zheng, CEO of the company will be his successor. Jack Ma announced this on Monday. Alibaba-owned newspaper South China ‘Morning Post’ said that 54-year-old Jack Ma Daniel Zhang (46) will be assigned his responsibility. According to the letter written to all employees on behalf of Jack Ma, Zhang will be promoted to the position of the company’s Executive Chairman on September 10, 2019, while Jack Ma will remain the permanent member of the company’s board of directors and Alibaba Partnership.
ack Ma said that to ensure “accessible and successful” change, Jack Ma will remain the executive chairman for a period of one year and will remain the director of Alibaba till 2020 shareholders meeting. Jack announced his retirement plans on Monday on the occasion of his birthday. The scheme was made public after misleading reports about the retirement of the mother.
The New York Times had said on Friday that Alibaba’s founder Jack Ma is going to announce retirement on his birthday and he will then look after the charitable work. However, South China Morning Post denounces this, saying that Jack Ma will tell the strategy to take over his succession in the company on Monday on his 54th birthday. Although he will continue to be the executive chairman of the company.