Alibaba’s co-founder and Chairman Jack Ma will step down as the chief of the e-commerce giant on September 10, 2019, announced Alibaba Group Holding Limited.
Daniel Zhang, Alibaba’s Chief Executive Officer will succeed Jack Ma as Chairman of the board of Alibaba Group.
Jack Ma will continue to hold the position of Executive Chairman of the company for the next one year to ensure a hassle-free transition of the new Chairmanship.
He will complete his current tenure as a member of Alibaba Group’s board of directors until the scheduled annual general meeting of shareholders in 2020.
Ma is a lifetime partner in the Alibaba Partnership and a member of its partnership committee. The partnership, at present, comprises of 36 partners who also hold membership of the senior management of Alibaba Group or its affiliates. The announcement was made through an official letter by Jack Ma to Alibaba’s customers, employees and shareholders.