KAZINFORM Jack Ma, founder and executive chairman of Chinese e-commerce giant Alibaba Group Holding Inc., formally retired, with chief executive Daniel Zhang succeeding him as chairman, local media said Tuesday.
"It cost us so much to rebuild company values as our goal is to find our fellow travelers in the next five, ten and 20 years, heading for the future of 102 years later", Daniel Zhang, the chief executive officer of Alibaba, said. It employs over 100,000 people, and has expanded into financial services, cloud computing and artificial intelligence.
"It is not easy to be a strong company, but it is more hard to be a good company", he said. On the eve of the company's 20th birthday, we took him back to to reflect on those early days and what it took to build Alibaba into what it is today.
Business experts have questioned the Alibaba Partnership, which gives Ma and a group of company officials more control over the business than shareholders.
In an open letter previous year where he announced his retirement plans, Ma said he wants to return to education, which gives him excitement and blessings.
Ma had previously scaled down his role in Alibaba by stepping down as CEO in 2013, staying with the conglomerate in the capacity of executive chairman to develop strategies and talent, as well as work on its "social responsibilities" efforts.
Jack Ma giving up the reins of Alibaba Group
"I expect a long, long ceremony with Jack showing up at the end - in dramatic style, of course", says one Alibaba employee. Almost half of Alibaba's senior management team are women. Ma founded Alibaba in 1999.
Alibaba's partnership before a recent expansion.
Costumed performers, some dancing to dubstep music and wearing damaged-down Chinese costume, and singers paid tribute to Mr Ma's recognition for dressing up and performing at paunchy occasions, entering to a parade of floats representing Alibaba divisions equivalent to browsing site Tmall and cost carrier Ant Monetary.
Ma's retirement is not a surprise.
Ma announced plans to resign on September 10, 2018. In March 2018, Zuckerberg said that "one of the biggest mistakes" of Facebook was not digging deeper into the Cambridge Analytica scandal.
Since then, Alibaba has launched multiple rounds of organizational restructuring and management reshuffles to pave way for the new leadership.
Since stepping down as chief executive in 2013 he has focused on philanthropic causes and on promoting Alibaba overseas. "It's the dreams that keep us never afraid of the mistakes", he said.