Daniel Zhang will succeed Jack Ma as president of Alibaba

Mr. Zhang, a former accountant, is credited with establishing Singles Day, the one-day Internet shopping festival that has become an annual phenomenon in China. He has also been a leading architect of Alibaba's new retail initiative, which seeks to combine online shopping with traditional stores.

In a letter addressed to customers, shareholders and employees, referred to as "Aliren" or "People of Alibaba", Mr. Ma stated that he would remain on the board of directors of the company until the end of the year. 39th Annual Meeting of Shareholders of 2020.

His letter said under Zhang: "Alibaba has grown steadily and sustainably for 13 consecutive quarters."

"His analytical mind is unmatched, he holds our mission and vision to heart, he takes responsibility with passion and he has the courage to innovate and test creative business models," the letter says.

"For these reasons, he and his team have won the trust and support of customers, employees and shareholders," Ma said.

Analysts who follow the company say they have long expected Mr. Ma to withdraw from daily operations, noting public comments about his desire to pursue philanthropic and other causes.

In his letter, Mr. Ma indicated that he plans to continue to serve as a founding partner in Alibaba Partnership, a group of 36 senior executives who have the right to nominate most of the members of the Board of Directors. 'business. .

"I also want to go back to education, which excites me with so many blessings because that's what I love to do," wrote Mr. Ma. "The world is tall and I'm still young, so I want to try new things, because if new dreams can be realized?

Write to Liza Lin at [email protected]