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Jack Ma, founder of Chinese e-commerce group Alibaba, announced Tuesday that he was retiring from the presidency.
Jack Ma's retirement coincides with the face of his company, "Alibaba," raising the difficulties arising from the current trade war between Beijing and Washington, according to the Associated Press. Ma has announced his retirement plan since last year, 2018.
Jack Ma will celebrate his last day in the Alibaba group, according to Sputnik, as he celebrates his 55th birthday in an Olympic-sized stadium in Hangzhou, where he founded his group 20 years ago.
Jack Ma will be replaced by Daniel Chang, general manager of the group Alibaba, according to The Guardian.
In a video released Monday, Jack Ma said, "I am the one who always looks forward to the future, I still have a lot of dreams to follow, and those who know me know that I do not know what to do. do not like to stay idle, the world is big and I'm still young, so I want to try new things. "
According to Forbes magazine, the Alibaba group's net worth is $ 38.4 billion, making it the richest man in China, with a market value of $ 460 billion.
Jack Ma holds a 6.22% interest in the Alibaba Group and will remain on the Board of Directors until the annual shareholders' meeting in 2020, after which he will serve on the Board of Directors. Administration composed of 38 members, separated from the board.
To connect Chinese exporters to US retailers, Jack Ma founded the Alibaba group in 1999. He was a teacher who earned between 100 and 120 yuan, or $ 12 to $ 15 a month.
Thirty different companies, including Kentucky's fast food chain, have refused to name Jack years before Alibaba's founding.
In the midst of the difficulties he encountered, his use of the Internet encouraged him to install Alibaba in 1999 in his apartment in his hometown of Hangzhou.
The establishment of Jack Ma coincided with China's rapid economic development and its membership in the World Trade Organization in 2001.
Alibaba has since become one of the largest retailers in the world.
The Chinese e-commerce market is slowing down under the pressure of the US-China trade war.
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