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Jack Ma Alibaba's chairman resigned today, giving up the role to current CEO Daniel Zhang. The transition was announced a year ago.
Ma will continue to serve on Alibaba's board of directors until its annual meeting of shareholders next year. He also remains a life partner of Alibaba Partnership, a group from the ranks of Alibaba's management. corporations and subsidiaries that have the right to appoint (and in some cases to appoint) a simple majority of their board.
In the announcement last year, Ma announced that he was planning to leave the Alibaba group very gradually: "The only thing I can promise everyone is that : Alibaba has never been about Jack Ma, but Jack Ma will still belong to Alibaba. "
Ma left the position of CEO of Alibaba in 2013 and was replaced by Jonathan Lu. In 2015, Lu was replaced by Zhang, former COO of the company. As CEO and now president, Zhang has taken the reins of Alibaba as he faces the slowdown in China's e-commerce market after a decade of explosive growth. The online retail landscape also now includes new players, such as Pinduoduo, who have gained an advantage by focusing on smaller cities, important growth markets for Internet companies.
An interesting fact about the day Ma chose to retire as president is that it's Teacher's Day in China. Ma is a former English teacher always nicknamed "Master Ma" and he said that he planned to devote time to philanthropy in the field of education.
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