NEWS SHOW

Jack Ma will step down from the top job at Alibaba next year

Release time: 2018-09-10 12:24 Browse volume:602

Billionaire tech tycoon Jack Ma will step down as Alibaba's executive chairman next year, the company announced Monday.
"No company can rely solely on its founders," Ma said in a letter to customers, employees and shareholders. "Because of physical limits on one's ability and energy, no one can shoulder the responsibilities of chairman and CEO forever."

A former English teacher, Ma started Alibaba (BABA) nearly two decades ago and built it into a $420 billion company, becoming one of China's richest people in the process. He will be succeeded by current CEO Daniel Zhang.

Ma, who will remain on the company's board of directors until 2020, said he has spent the last 10 years preparing for this succession plan, working to identify and develop the right talent inside Alibaba.

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