Tuesday, 17 September, 2019

Billionaire Philanthropist Jack Ma Officially Retires From Alibaba

Alibaba set for'big challenge as chairman Jack Ma departs Under Jack Ma's leadership Alibaba has grown to become Asia's most valuable listed company. Reuters
Jean Garcia | 11 September, 2019, 10:27

Alibaba Group Holding's new executive chairman, Daniel Zhang Yong, pledged to advance the e-commerce giant's strategies of expanding beyond China, serving domestic consumption and pushing into advanced technologies in a speech at the company's 20th anniversary celebration on Tuesday.

To celebrate his birthday, Ma has rented out an Olympic-sized sports stadium in Hangzhou, where he founded Alibaba, to celebrate with his friends.

With a current net worth of $38.6 billion, Ma is retiring at a relatively young age in China, where founders typically wield a tight grip on their companies, often well into their 80s.

Ma said he was planning to start a new life going forward.

Founded in 1999 in an underground garage, Alibaba has grown into one of the world's most profitable companies.

In last year's announcement, Ma said that he plans for his departure from Alibaba Group to be very gradual, "The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba".

He announced his retirement past year to spend more time on his philanthropy and educational activities.

Ma had expressed his intent to resign a year ago.

Video appears to show Tesla driver asleep in moving car
Massachusetts State Police said there are no laws on the books specifically banning sleeping behind the wheel of a self-driving auto .

As co-founder of the Internet giant, the former English teacher likes to describe his relationship with Alibaba as that of a parent to a child, according to a report in Xinhua.

However, the business mogul will remain on Alibaba's board of directors until 2020 and stay as a lifetime partner in the Alibaba Partnership - a group of senior executives who nominate directors on the board - according to the South China Morning Post, which the company owns.

Ma referenced his previous teaching career to explain why he wanted to step down from his company.

"What I learned from my teachers and books was different from what the foreign visitors told us".

"Today marks not my retirement, but the beginning of a new corporate governance scheme of Alibaba and the next stage of the company's future development", he said.

Jack Ma himself is one of the richest businessmen in China. Alibaba Chairman Jack Ma speaking duirng the Hongqiao International Economic and Trade Forum in China. He became pen pals with one of those foreigners, who nicknamed him "Jack" because he found it hard to pronounce his Chinese name.

Business experts have questioned the Alibaba Partnership, which gives Ma and a group of company officials more control over the business than shareholders. There are many places I want to go visit, to challenge.

Alibaba says its revenue rose 42 percent over a year earlier in the quarter ending in June to $16.7 billion and profit rose 145 percent to $3.1 billion.

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