Jack Ma Retires From Alibaba: 12 Things to Know

Jack Ma stepping down as Alibaba’s chairman

"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.

Related News:

  • Ashes Win Will Help Australia Put Ball-tampering Scandal Behind Them: McGrath

    Ashes Win Will Help Australia Put Ball-tampering Scandal Behind Them: McGrath

    They analyse England's batting performance in particular and compare it to previous Test matches against India and West Indies. After Australia's win over the home side, a publishing house by the name "Sporting Times " chose to add some insult to injury.
    Southgate set to make changes for England’s Euro 2020 qualifier against Kosovo

    Southgate set to make changes for England’s Euro 2020 qualifier against Kosovo

    He found space down the left hand side and powered a low effort with his weak left foot past Arijanet Muric . Things went from bad to worse for Kosovo when defender Mergim Vojvoda scored an own goal in the 37th minute.
    Chinese professor charged in US in latest shot at Huawei

    Chinese professor charged in US in latest shot at Huawei

    Huawei says the United States government has made a concerted effort to discredit the company and curb its industry leadership. The jury also found Huawei misappropriated a CNEX trade secret but awarded no damages on that claim, either.
  • Tesla driver appears to fall asleep behind wheel of moving auto

    Tesla driver appears to fall asleep behind wheel of moving auto

    At highway speeds, drivers typically receive warning every 30 seconds or less if their hands aren't detected on the wheel". Both the driver and his female passenger appear to be sleeping as the Tesla cruises along in self-driving mode.
    Hong Kong protesters beg Trump: 'Liberate' our city

    Hong Kong protesters beg Trump: 'Liberate' our city

    Last month, the airport was shut down for two days after protesters occupied the terminals, leading to violent clashes. Some university students continued their protest chains at lunchtime, with passing cars honking in support.
    United Nations  watchdog confirms another violation in Iran nuclear deal

    United Nations watchdog confirms another violation in Iran nuclear deal

    Furthermore, Iran is disappointed at Europe for the latter's proposed payment channel to facilitate trade between Europe and Iran. The International Atomic Energy Agency, or IAEA, began a regular meeting of its Board of Governors in Vienna on Monday.
  • Tokyo shuts down as Typhoon Faxai advances with 200kmh winds

    Tokyo shuts down as Typhoon Faxai advances with 200kmh winds

    A blackout left more than 900,000 people without power in two areas surrounding Tokyo, according to Tokyo Electric Power Co. Streets normally busy with commuters walking or bicycling were deserted, with winds just east of Tokyo shaking buildings.
    U.S.  fight back in style to win Walker Cup

    U.S. fight back in style to win Walker Cup

    Cole Hammer was 3 up through six holes on his way to a 6-and-5 victory over Conor Purcell, the shortest match of the week. John Augenstein hit back for team US with a 2&1 win over Conor Purcell taking it to 4-3 in the match overall.
    Hurricane Dorian waves brings in bricks of cocaine at Florida beaches

    Hurricane Dorian waves brings in bricks of cocaine at Florida beaches

    Most lately, a beachgoer advised a Melbourne police officer on patrol at Paradise Seaside and Park round eight a.m. A brick of cocaine that washed up on shore in Florida as hurricane Dorian whipped the coast on September 3, 2019.
  • House panel to take formal steps on impeachment probe next week

    House panel to take formal steps on impeachment probe next week

    Nadler said in his letter to the White House that the panel was asking for the documents as part of its impeachment probe. Madeleine Dean of Pennsylvania, a Judiciary Committee member.

    Apple Watch Series 5 launches with always-on display

    Series 5 dives even further into Apple's focus on health and has added features for navigation, including a built-in compass. Combine that with a new, more sensitive ambient light sensor and Apple's 'software power management, and there you have it.
    Trump probed over military spending in Scotland

    Trump probed over military spending in Scotland

    The House Oversight Committee has been probing the matter since April, according to Politico . Trump says he didn't advocate Pence keep at his membership.


Most liked

Green Day, Fall Out Boy, Weezer to tour United Kingdom , release new albums
As the above image indicates, Green Day are in the headline position, with Fall Out Boy second and Weezer third on the bill. There's no stopping Green Day in teasing its fans as it also dropped its title track called 'Father of All '.

Raiders corner (neck) ‘going to be OK’ after stretchered from field
Conley, 24, appeared to suffer the injury with a little more than five minutes remaining in the third quarter. The play happened as Conely attempted to take down Denver Broncos running back Royce Freeman .

Blast heard near U.S. Embassy in Kabul on 9/11 anniversary
Trump said he felt that the Taliban had carried out the violence to put them in a better bargaining position in the negotiations. There was additionally widespread consternation on the characteristically unpredictable method of Trump's negotiating model.

Sitharaman blames millennials for slowdown, twitter breaks into laughter
Domestic passenger vehicle sales fell for the 10th consecutive month, registering a 31.57% decline. She said that work is going on on the suggestions received from the industry for auto components.

Foxconn cheats China iPhone workers
By recruiting these laborers, "the factory does not need to increase the wages for all regular workers", it said. It added that when it finds issues, it works with suppliers to "take immediate corrective action".

Queen approves law seeking to block Oct 31 no-deal Brexit
Two-thirds of MPs must support an early election, but parliament is now suspended until October 14. EUR/GBP was at 0.8939, close to the opening level of 0.8947.

Researchers Explain What Happened When Dinosaur-Killing Asteroid Hit Earth
Within tens of minutes of the strike, the ring of rock around the impact point was smothered in about 40 meters of melted rock. Researchers said the impact was equal to the power of 10 billion atomic bombs the size of the one used in World War II .

FIRE PLAN: Bushfire season ignites early
Fires are also burning north of Rockhampton, near Gympie and one west of Toowoomba, but no homes are under threat in those areas. Acting Premier Jackie Trad said the fires overnight also claimed a piece of Queensland's history in the Gold Coast hinterland.

Trump Is 'Celebrating His Own Ignorance' on Hurricane Dorian Claims — CNN's Stelter
Over the past few weeks, he's had to deal with the dangers of Hurricane Dorian which is set to strike Southern states in America. NOAA spokesman Christopher Vaccaro verified that day that "The current forecast path of Dorian does not include Alabama".

Crews work to restore power and clear debris left in Dorian's wake
No one was injured, but the Nova Scotia Labour Department is conducting an investigation, and a stop work order has been issued. Also at that time, in Prince Edward Island, 18,000 customers were without power, and in New Brunswick, the number was 2,600.

Reigning MVP Antetokounmpo's Greece fall to United States at World Cup
With the US missing Jayson Tatum (ankle) and with Marcus Smart (quad) questionable, their defensive options have been limited. Jock Londale impressed with 13 points on five-of-six shooting, while Chris Goulding added 15 and Aron Baynes put up 10.

With little change, iPhones may get upstaged by Apple streaming
Apple said that the first shows available on Apple TV+ will launch on November 1 and will be in more than 100 countries. The iPhone 11 is an update to the iPhone XR , while the 11 Pro and Pro Max are updates to the iPhone XS and XS Max.

IAEA found uranium traces at Iran’s ‘atomic warehouse’, allege diplomats
On Sunday the IAEA's Acting Director General Cornel Feruta was in Tehran , where he met senior Iranian officials. Under the four-year-old atomic accord, Iran is supposed to be limited to operating 5,060 older IR-1 centrifuges.

Couple Spends $120k Mistakenly Deposited into Their Account
BB&T then contacted Mrs Williams to tell her that she and her husband would be required to pay the cash back. Before the massive deposit, the couple averaged about $1,100 in their account, the Sun-Gazette reports .

Hailee Steinfeld In Talks To Lead HAWKEYE Disney Plus Series
Disney and Marvel seem to have found the right actor for the role of Kate Bishop in the upcoming Hawkeye streaming series. There are several Marvel series in the works at Disney+, including WandaVision and The Falcon and the Winter Soldier .