The powerful Jack Ma, co-founder of China’s largest e-commerce firm Alibaba Group Holding Ltd, will step down as Chairman in Exactly one year on Sept. 10 2019. On letter released by the company Ma said “ Under his stewardship, Alibaba has been consistent and sustainable growth for 13 consecutive quarters.. Starting the process of passing the Alibaba torch to Daniel and his team is the right decision at the right time”.
According to the company “ Alibaba Chief Executive Daniel Zhang will replace him as chairman, while Ma will complete his current term on Alibaba’s board of directors following the company’s annual general meeting in 2020. Zhang will also retain the CEO title.”
For the Position, Ma said that after he steps down from his current roles he will continue to mentor management as part of the “ Alibaba Partnership” a 36-member group of crore company managers. The group has the ability to nominate the majority of directors on the company’s board.
As per the record of Jack Ma, who also controls Alibaba payment affiliate Ant Financial, is stepping back amid challenging for Chinese tech companies as sales growth in China’s eastern megacities shows signs of slowing. In the first half of 2018, Alibaba maintained durable revenue growth, but its profit margins have been squeezed by big-ticket investments as it battles to maintain pole position in payments and e-commerce.