Jack Ma steps down as Alibaba chairman

Jack Ma giving up the reins of Alibaba Group

He's celebrating his retirement with a big bash at an Olympic-sized stadium in the company's hometown of Hangzhou.

The e-commerce giant and one of Asia's richest man Jack Ma on Tuesday stepped down as the executive chairman of China's largest company - Alibaba Group Holding Ltd, a decision which also coincided with his 55th birthday.

He will remain as a board member of Alibaba with a six percent share in the company.

An accountant by trade, soft-spoken Alibaba CEO Zhang marks a stark contrast to Mr. Ma whose flamboyant style and charismatic leadership made him the most recognised Chinese entrepreneur since the former English teacher founded the company 20 years ago in a small shared apartment in Hangzhou city in eastern China.

Ma announced previous year that he would be stepping down as Alibaba's chairman on September 10, 2019.

The date, Ma has chosen to step down is September 10. The company has expanded into online banking, entertainment and cloud computing.

Bianca Andreescu fearless against Serena, coach Sylvain Bruneau says
One member of the team said she was going to tell Bianca and ask her if she wanted to warm up in another area, but I said no. Bianca Andreescu poses with her trophy at top of the Rock in NY , in this screen grab obtained from a video.

The Hurun Report, which follows China's wealth, estimates Ma's fortune at $38 billion.

After two decades building Alibaba into a $460 billion business, Ma is now pivoting full time to philanthropy.

According to BBC, Daniel Zhang, Alibaba's chief executive, will replace him as executive chairman.

Last week, Alibaba announced investments of $2.7 billion in luxury goods retail platform Kaola and a music streaming firm in moves that partly demonstrated its flexibility in adopting new strategies.

Alibaba's e-commerce business includes business-to-business Alibaba.com.

Ma has argued that such a system helps Alibaba to center on long-term development instead of reacting to pressure from financial markets. "I do believe the world is good, there are so many opportunities, and I love excitement so much, which is why I will retire early", Ma told guests and employees. Zhang is credited with spearheading Alibaba's annual Singles' Day shopping extravaganza, the biggest single retail event in human history.

Related News:

  • JOKER Writer/Director Balks At Crossover with ROBERT PATTINSON's BATMAN

    JOKER Writer/Director Balks At Crossover with ROBERT PATTINSON's BATMAN

    For Phoenix's part, playing such an iconic character took some convincing. "He didn't ask me, he told me". Who wrote the score for Joker? The Joker and Batman have been making the headlines respectively.
    Kansas reports first death from lung disease linked to vaping

    Kansas reports first death from lung disease linked to vaping

    US health officials have noted that six Americans have died so far due to lung-related illnesses caused by vaping or e-cigarettes. Persse said the cases fit the profile of a multistate outbreak of severe pulmonary disease associated with e-cigarette products.
    U.S.  reportedly extracted spy from Moscow over fear of Trump spilling beans

    U.S. reportedly extracted spy from Moscow over fear of Trump spilling beans

    Kommersant published a picture of a house in Virginia which it said had been bought by a man named Smolenkov in 2018. Asked to confirm whether Smolenkov was a Central Intelligence Agency agent, Peskov responded negatively.
  • Putin pummelled: Russian president takes a huge mauling in Moscow elections

    Putin pummelled: Russian president takes a huge mauling in Moscow elections

    Numerous reports of electoral fraud were posted on social media, although RFE/RL could not independently verify their veracity. As well as, 13 candidates received who have been nominally impartial however have been reportedly supported by United Russia .
    Canada soldiers helping to remove fallen trees after Dorian

    Canada soldiers helping to remove fallen trees after Dorian

    And the huge amount of tangled debris littering streets is now making the work of utility crews that much harder. Power crews from Quebec, Ontario, Florida and ME have been called in to help.
    Brady starts his 20th season by beating Steelers 33-3

    Brady starts his 20th season by beating Steelers 33-3

    That's why some transactions are labeled as a player being waived, and other transactions are labeled as a player being released. With Antonio Brown being traded to Oakland, that contract makes Moncrief the highest paid receiver on the Steelers roster.
  • Donald Trump fires national security adviser John Bolton

    Donald Trump fires national security adviser John Bolton

    That combination of carelessness and capriciousness will continue to haunt USA foreign policy regardless of who replaces Bolton. USA commanders also sent other units, including B-52 bombers, in what they called a move to try to deter an Iranian attack.
    Donald Trump declares Afghan peace talks with Taliban ‘dead’

    Donald Trump declares Afghan peace talks with Taliban ‘dead’

    However Taliban left the doors to talk for peace in Afghanistan open the world has to wait for the next move of, US. The Taliban also indicated that the talks were going well and they were on the verge of signing an agreement.
    House stonewalled in probe of Army sleepovers in Trump Hotel

    House stonewalled in probe of Army sleepovers in Trump Hotel

    He also said the Air Force had not found anything improper regarding the Trump Turnberry stay but is still reviewing the records. Pence was together with his family throughout the stay at Trump International Golf Links and Hotel at Doonbeg, Ireland.
  • Apple iPhone 11 to launched today; how to watch the livestream?

    Apple iPhone 11 to launched today; how to watch the livestream?

    The Smart Keyboard is a full-size keyboard that connects to the 10.2-inch iPad with the Smart Connector. Apple TV+ and Disney+ will join a crowded streaming market that includes Netflix, Amazon and Hulu.
    Green Day, Weezer and Fall Out Boy Announce 'Hella Mega' Tour

    Green Day, Weezer and Fall Out Boy Announce 'Hella Mega' Tour

    Pre-sale tickets go on sale beginning September 16, with a general admission sale starting September 20 at 10 a.m. The Hella Mega tour will include eight European dates, the last of which will be held at the Ballsbridge venue.
    England vs Kosovo, Euro 2020 qualifier

    England vs Kosovo, Euro 2020 qualifier

    Going forward, England skipper Harry Kane partners Raheem Sterling and Marcus Rashford in leading the home side's attack. What is England vs Kosovo, Euro 2020 Qualifiers Schedule? "They have the longest unbeaten record in Europe".


Most liked

Hong Kong fans turn back on Chinese anthem
The protests , beamed live to the world since June, have prompted some of the city's powerful tycoons to appeal for calm. Anti-Government protesters hold up signs saying "boo" and "We are Hong Kong " to protest during the football match.

U.S. Air Force Responds to Trump Hotel Controversy
Prior to that it had only been a "divert" location if other USA military air facilities were unavailable. Those numbers have increased in recent years as more aircraft have made stops at the airport.

Ashes triumph will help Australia put ball-tampering scandal behind them: McGrath
Roy, who made his test debut in July, has scored 110 runs in eight innings with a top score of 28. An unchanged team was named by England Cricket board for the Test at the Oval.

Apple Watch Series 5 launched with always-on screen
This can be accessed through a new Compass app, watch face complication, as well as in apps (such as Apple Maps, or Night Sky). However, Apple has developed an "ultra-low-power" display driver and more efficient power management software to compensate.

North Carolina hangs on for 28-25 win against Hurricanes
The Hurricanes are trying to avoid the program's first 0-2 start since falling to Colorado and Florida State in 1978. All these kinks can be worked out next week as Miami faces off against Bethune-Cookman at 4:00PM/EST on ACC Network.

Disturbance in the Atlantic expected to bring heavy rainfall to Bahamas, Florida
NOAA updated its hurricane outlook in August and said an above-average season in terms of the number of storms appeared likely. Dorian's storm system is tracking more than 280 kilometres off Newfoundland's Northern Peninsula into the North Atlantic.

Turkey accuses US of stalling on Syria 'safe zone' plans
Turkish troops return after a joint US-Turkey patrol in northern Syria near the Turkish town of Akcakale on September 8, 2019. The minister's comments came as two US military officials were visiting Turkey for talks on what Ankara calls "safe zone".

Samsung highlights the compatible apps for Galaxy Fold
Well, it looks like Samsung doesn't have anything to worry about when it comes to the apps that Galaxy Fold users can access. The Galaxy Fold has an internal foldable display to which apps can seamlessly transition from the external cover display .

United Kingdom summons Iranian ambassador after tanker goes to Syria
In retaliation, Iran seized a British-flagged tanker in the Strait of Hormuz leading into the Gulf. The tanker was detained in Gibraltar for allegedly breaking sanctions on Syria.

Netanyahu vows to begin annexing West Bank settlements
Netanyahu says Israel must lay out its vision as President Donald Trump prepares to unveil his Mideast peace plan. Critics have interpreted the vow as an election ploy to pull more right-wing voters from Netanyahu's rivals.

Rare full moon to appear on Friday the 13th across the US
In this file photo, the Reid family harvest their wheat crop under a harvest moon near Cremona, Alta., Monday, Sept. 28, 2015. That means Friday the 13th will be extra spooky! When viewed from Los Angeles, the Full Moon will peak around 9.32pm PDT.

LeBron James reacts to the passing of Fred McLeod
Longtime Cleveland Cavs broadcaster and Northeast Ohio native Fred McLeod passed away last evening after suffering a heart attack. Both current and former Cavs players quickly took to social media to send their respectful condolences to McLeod's family.

Saudi Arabia signals OPEC cuts to continue under new energy minister
During that period he led a team responsible for Saudi Arabia's oil strategy as well as long term Opec strategy. Crude prices have stabilized around $60 a barrel, about $20 below what the kingdom needs to balance its budget.

Leaked Pixel 4 Promo Shows Off Astrophotography Mode
To remind you, Night Sight is Google's low-light photography mode, which already produces formidable photos on the Pixel 3 and 3a. The next leak on the list comes in the form of a video, more specifically, a leaked promotional video of the alleged Pixel 4 .

Here's how ME colleges scored in the 2020 U.S
This is the second year that the "Best Colleges" rankings has included social mobility in its measures of academic quality. News first-year experience category recognizes schools that help new students feel connected well beyond orientation week.