Thursday, 20 February, 2020

Jack Ma steps down as Alibaba's Chairman

Jack Ma steps down as Alibaba's Chairman Jack Ma steps down as Alibaba's Chairman
Ginger Lawrence | 11 September, 2019, 10:28

Jack Ma, the teacher turned billionaire who founded e-commerce giant Alibaba in China is stepping down as the online retail behemoth's Executive chairman on Tuesday. His departure marks the completion of his plan to pass the reigns of the company onto a successor.

Ma's retirement announcement past year sparked off speculation that he may be stepping down due to prevailing business environment in China. "After tonight, I will start a new chapter of my life". The core values have helped propel Alibaba's growth from an 18-person start-up founded in a Hangzhou flat to one of the world's most innovative technology companies with more than 100,000 employees and over 30 business units.

CEO Daniel Zhang will take his place.

Ma will be replaced by current executive director of Alibaba Group, Daniel Zhang. The former English teacher has said he now plans to turn more towards philanthropy, with a focus on education.

According to Ma, the knowledge-based approach of "200 years ago" would "fail our kids", who instead should be taught soft skills like independent thinking, values and teamwork.

Alibaba co-founder Jack Ma left the company with a bang.

"No company can rely exclusively on its founders", Ma wrote.

It took the company 14 months to finalize its new values, making more than 20 revisions, Alibaba said.

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Firstly, it said it intends to be a "good company that will last for 102 years" in the fast-changing digital era, rather than to pursue power or scale.

After two decades building Alibaba into a $460 billion business, Ma is now pivoting full time to philanthropy.

Ma said he'd watched that last film three times, and told an audience at a Beijing pre-screening: "Alibaba Pictures will introduce more movies like this into China, and we will learn from them and gradually produce movies like this".

Ma bid farewell to Alibaba, sporting a rock star wig and guitar at an employee event Tuesday, according to Reuters. In March 2018, Zuckerberg said that "one of the biggest mistakes" of Facebook was not digging deeper into the Cambridge Analytica scandal. I don't want to look at the things back. Ma's Hangzhou apartment in 1999 is where it all began for Alibaba.

Alibaba says its revenue rose 42 percent over a year earlier in the quarter ending in June to $16.7 billion and profit rose 145 percent to $3.1 billion.

Alibaba is one of a group of companies including Tencent Holding Ltd., a games and social media giant, search engine Inc. and e-commerce rival that have revolutionized shopping, entertainment and consumer services in China.

The company's $25 billion initial public offering on the New York Stock Exchange in September 2014 was the biggest to date by a Chinese company.