BEIJING, SEP 10 (PTI) Alibaba founder and billionaire Jack Ma announced on Monday he would step down as the Chinese e-commerce giant’s executive chairman next year and named the company CEO as his successor.
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 be promoted to the executive chairman on September 10, 2019, while Ma remains a director on Alibaba’s board and a permanent member of the Alibaba Partnership, according to a letter written by Ma to all staff including to the Post.
Ma said he will remain Alibaba’s executive chairman during the year-long period to ensure a “smooth and successful” transition, and stay on as an Alibaba director until a shareholder’ meeting in 2020.
“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,” Ma said in his letter.
The succession plan bei
