Jack Ma Retires From Alibaba: 12 Things to Know

Alibaba set for'big challenge as chairman Jack Ma departs

"See you around!" Alibaba Founder Jack Ma told the 20th anniversary gala of the company as he officially stepped down as board chairman on Tuesday, which was also his 55-year-old birthday. His departure marks the completion of his plan to pass the reigns of the company onto a successor.

The business mogul bid farewell to Alibaba on Wednesday, leaving behind Alibaba, the e-commerce giant he founded 20 years ago in a humble apartment in Hangzhou, China.

Ma's retirement announcement previous year sparked off speculation that he may be stepping down due to prevailing business environment in China. He will continue serving on Alibaba's board until its annual general shareholders' meeting next year and will a lifetime partner of Alibaba Partnership.

Ma announced his retirement plans past year, saying at the time he wanted to spend more time focusing on education.

Toward the tip of the ceremony, Mr Ma, co-founder Lucy Peng, and CEO of Alibaba's technology committee Wang Jian donned rock superstar-style leather-primarily primarily based mostly jackets and wigs to fashion Chinese pop songs.

"Alibaba never belonged only to Jack Ma, but he will always be with Alibaba", he wrote in the open letter last September.


Alibaba said that the move was required to comply with Chinese regulations, but some financial analysts said that the company was paid too little for a valuable asset.

"No company can rely exclusively on its founders", Ma wrote. Zhang is far more low-key than Ma, described as the Clark Kent to Ma's Superman by Duncan Clark, author of Alibaba: The House That Jack Ma Built.

While the story of Ma's success has become legend in China and gives him nearly cult-like status there, he has also suffered some setbacks that Zhang would need to fix. Love us on Fb or observe us on Twitter and Instagram for most up-to-date recordsdata and are living recordsdata updates. In March 2018, Zuckerberg said that "one of the biggest mistakes" of Facebook was not digging deeper into the Cambridge Analytica scandal. Ma wanted to improve the global e-commerce system, so from 2003 onward, Alibaba launched Taobao Marketplace, Alipay, Alimama.com, and Lynx. The Chinese entrance exams are held only once a year and Ma took four years to pass. Ma attended Hangzhou Teacher's Institute (currently known as Hangzhou Normal University) and graduated in 1988 with a BA in English.

In a recent interview with CNBC, Zhang revealed that Alibaba will be focusing on cloud computing.

In 2014, the company invited merchants, service staff and customers to ring the bell on its initial public offering New York Stock Exchange instead of executives or investors.

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