Jack Ma who is the Chairman of one of the world’s largest e-commerce companies; Ali Baba, has resigned.
Mr. Jack Ma will be replaced by Daniel Zhang, who is currently the company’s Chief Executive Officer and an accountant by training.
Jack Ma who had announced his retirement in 2018, stated that he will be focusing more on education in rural areas as well as philanthropy.
Forbes places Jack Ma’s net worth at $34.4 billion (3.57 trillion Kenyan Shillings), a figure which makes him the richest man in China.
Jack Ma will still however retain a 6.22% share and will also remain on the board of directors until the next Annual General Meeting in 2020, after which he will join the corporate governance body of 38 members.
Alibaba.com was launched in 1999 by Jack Ma who was aided by the support of 18 co-founders who contributed $60,000.
The company has now grown to market value of over $400 billion and has expanded into online payments, Hollywood film production, as well as cloud computing.
Jack Ma as the Chairman Of Alibaba, guided growth both internationally and domestically and was also among the first foreign business leaders to meet President of the United States; Donald Trump after his election.
Me. Ma hopes that his philanthropic work will further bridge the gap between the United States and China stating that,“I have full confidence in my team and in the partner structure which lots of investors don’t like. It is the system which I think I have contributed to along with my team and this will be able to make the company last long.”
Ali Baba has been listed on the New York Stock Exchange since 2014.
