Home / IT / Telecom / Tech/ Alibaba’s Jack Ma to unveil succession plan next week, remain chairman

Alibaba’s Jack Ma to unveil succession plan next week, remain chairman


Comments / {{hitsCtrl.values.hits}} Views / Monday, 10 September 2018 01:15

Facebook

Alibaba Group Co-Founder and Executive Chairman Jack Ma speaks during a news conference in Hong Kong, China, 25 June 2018 – REUTERS/ File Photo 

 

BEIJING (Reuters) : Alibaba Group Holding Ltd’s billionaire co-founder Jack Ma will announce a succession plan on Monday to hand the reins of his sprawling empire to a new generation of leaders but will remain executive chairman for the time being.

Ma will announce the plan on his 54th birthday and the handover strategy will stretch over a significant period of time, the South China Morning Post (SCMP) newspaper reported citing a company spokesman.

Alibaba declined to comment but pointed towards the SCMP story when asked about Ma’s plans.

Ma, who co-founded Alibaba in 1999, stepped down as chief executive in 2013. He currently serves as the company’s international face at top political and business events.

The New York Times reported on Friday that Ma would retire from the e-commerce company on Monday as the former English teacher seeks to focus on philanthropy in education.

China’s third richest person with a net worth of $36.6 billion according to Forbes magazine, Ma was quoted by the New York Times as saying his retirement was not the end of an era, but the beginning of one.

While Ma’s plan to gradually step back is a milestone, analysts and industry professionals said it was unlikely his involvement would change significantly.

Ma oversees a number of charitable projects in education and environmental fields. He is a cult figure in China’s internet industry and has attracted a big following among entrepreneurs and in pop culture. At events, he is often met with screaming fans.

Ma maintains a prominent international profile, frequently inviting global leaders to the company’s Hangzhou headquarters. Last year, he met U.S. President Donald Trump, who described him as “smart” and “open minded”.

Alibaba was founded by 18 people led by Ma. China’s biggest e-commerce firm, it now has more than 66,000 full-time employees, the company’s latest annual filing showed.

The company had a market value of about $420 billion as of Friday. Ma also controls Ant Financial, which was valued at about $150 billion after a recent fundraising round.

 


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Poignant pondering on a patriarch

Monday, 22 April 2019

Almost five months have gone. It is with a profound sense of sadness that we experienced the demise of our veteran teacher, respected author, legal luminary, an accomplished ambassador, an eminent public servant and an amazing human being, Dr. Wickre


Enemies of democracy – Part I Demand for a strongman to rule the country

Monday, 22 April 2019

I posed the following question to a group of university students recently: ‘Do you desire to have a strongman to rule Sri Lanka today?’ The students, made up of both genders in the age group of 25 to 35, chorused the answer in the affirmative. Wh


The sad demise of Jet Airways

Monday, 22 April 2019

Jet Airways of India, once the premier full-service carrier of the sub-continent, has ceased operations. “Jet Airways and its Board of Directors have been forced to take this extreme measure, as prolonged and sustained efforts with lenders and auth


No more stones to break Sri Lankan bones

Friday, 19 April 2019

Trial by fire is not a new ordeal to Christian community. It predates Notre Dame and Nazism by millennia. In fact, a decade or so before Nero torched believers to light Roman avenues, Jewish religious leaders put Jesus-followers to the test as the Ch


Columnists More