The official news channel of Alibaba, one of the largest eCommerce company from China notifies that Jack Ma steps down as Chairman. He will hand over his role to present CEO Daniel Zhang.
Jack Ma will continue to serve as member of the board until the next years General shareholder meeting. He will be lifetime partner of the Global Advisory group of Alibaba.
Under the leadership of Jack Ma, Alibaba has seen explosive growth in the e-commerce and retail sector in the China and global market in the last decade. The small startup has grown up to multiple billion dollar industry and Jack Ma became one of the fortune holder in the world.
The transition was smooth throughout the year. He has officially handed over responsibility the current CEO Daniel Zhang. He is taking responsibility of the overall alibaba operations already from 2015.
Interesting fact that the retirement date is Teachers Day in China. As an English teacher in china, Jack Ma is famously known as Teacher Ma. He will continue to serve as leader in his education philanthropy as per his retirement plan.