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Ma to resign as chairman of Alibaba in 2019
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Alibaba announced yesterday that current chief executive officer Daniel Zhang will succeed Jack Ma as chairman of the board one year from now as part of the e-commerce giant鈥檚 plan to nurture the next generation of younger executives.
Alibaba founder Jack Ma said he would pursue charitable and educational causes and will officially step down on September 10, 2019, which is also Alibaba鈥檚 20th anniversary.
Ma will continue as executive chairman of the company for the next 12 months to ensure a 鈥渟mooth transition鈥 and remain a board director until 2020.
After stepping down as chief executive officer in 2013, Ma has remained a pivotal figure within the company and has been the face of many of its business initiatives at home and abroad. But his plan to step down in his mid 50s surprised many.
Lenovo President and Chairman Liu Chuanzhi stepped down at 67, while Huawei鈥檚 Ren Zhengfei remains Huawei鈥檚 president at the age of 74.
Ma said the company has been pondering succession plans for over 10 years and will work closely with Zhang to ensure a smooth and successful transition.
鈥淭his transition demonstrates that Alibaba has stepped up to the next level of corporate governance, from a company that relies on individuals, to one built on systems of organizational excellence and a culture of talent development,鈥 Ma said in a letter to employees yesterday.
Ma will continue to mentor management as part of the 鈥淎libaba Partnership,鈥 a 36-member group of core company managers.
Zhang, 46, has been CEO since 2015 after serving as chief operating officer and is known as a key architect of Alibaba鈥檚 鈥淪ingles Day,鈥 the November 11 event that has become the world鈥檚 largest online shopping event. Zhang, a former accountant, will also continue as CEO.
鈥淲e believed the only way to solve the problem of corporate leadership succession was to develop a system of governance based on a unique culture and mechanisms for developing consistent talent and successors,鈥 Ma added.
A sustainable Alibaba would have to be built on sound governance, culture-centric philosophy, and consistency in developing talent 鈥 no company can rely solely on its founders, he pointed out.
He also sited 鈥減hysical limits on one鈥檚 ability and energy,鈥 and noted that no one can shoulder the responsibilities of chairman and CEO forever.
鈥淪tarting the process of passing the Alibaba torch to Daniel Zhang and his team is the right decision at the right time, because I know from working with them that they are ready, and I have complete confidence in our next generation of leaders.鈥
Ma, a former English teacher with no technical background, co-founded Alibaba in 1999 with 17 others and has become one of China鈥檚 richest people with a net worth of US$36.6 billion, according to Forbes.
Since handing over the CEO role, he has concentrated on philanthropy and promoting Alibaba internationally. Last year Ma invested 300 million yuan (US$45 million) in a rural education project in China.
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