Business

Daniel Zhang To Replace Alibaba Group Co-Founder Jack Ma As Chairman in 2019: Report

JAVED SAIFI | 0
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| September 10 , 2018 , 10:57 IST

A day after the clarification provided by the Alibaba Group spokesperson that Alibaba co-founder Jack Ma is not retiring for now, the company announced on Monday that Ma will step down from chairman post in 2019 and will be replaced by Chief Executive Officer Daniel Zhang. 

In a press statement company said, "Alibaba Group Holding Limited today announced that one year from today, September 10, 2019, Chief Executive Officer Daniel Zhang will succeed Jack Ma as chairman of the board of Alibaba Group."

"Ma will continue as executive chairman of the company over the next 12 months to ensure a smooth transition of the chairmanship to Zhang," it added.

While remaining as executive chairman in the next 12 months Ma will work closely with Daniel to ensure a smooth and successful transition.

On 19 years of the successful journey at Alibaba Ma said, “The best thing about Alibaba is that we come together under a common mission and vision. Our partnership system, unique culture and talented team have laid a strong foundation for [our] legacy.”

“The partnership system we developed is a creative solution to good governance and sustainability, as it overcomes several challenges faced by companies of scale: continuous innovation, leadership succession, accountability, cultural continuity,” he added.

Also Read: Alibaba Co-Founder & Executive Chairman Jack Ma Not Retiring Now, Clarifies Spokesperson

Praising Daniel, Ma said, "Daniel has been with Alibaba Group for 11 years. Since he took over as CEO, he has demonstrated his superb talent, business acumen and determined leadership. Under his stewardship, Alibaba has seen consistent and sustainable growth for 13 consecutive quarters."

The statement did not specify Ma's future plans but it said he wants to return back to education.

"As for myself, I still have lots of dreams to pursue. Those who know me know that I do not like to sit idle," Ma said.

Ma, founder of the $420 billion online product selling company is one of the top richest and successful businessmen on the planet. With a net worth of $38.6 billion dollars, Ma is the third richest in China and 20th richest in the world.