Alibaba Announces Daniel Chang As Successor to Jack Ma
Alibaba Group co-founder Jack Ma has announced a successor for his burgeoning company, Chief Executive Officer Daniel Zhang, but is happy to remain executive chairman for another year.
Zhang will replace Ma in exactly 12 months time at the helm of Asia’s most valuable company.
Ma will remain on the board until Alibaba’s annual meeting of shareholders in 2020, the Hangzhou-based company said in a statement Monday. His retirement as executive chairman will coincide with his 55th birthday.
Ma, who co-founded Alibaba in 1999, stepped down as CEO five years ago in 2013, but still plays a major PR role as the company’s public face at trade shows and political events around the world.
He is also said to have a passion for philanthropy in education, which he wants to spend more time doing. He currently oversees several charitable projects involving education and the environment.
China’s largest e-commerce vendor, Alibaba was founded by Ma and a group of 17 other people. The company now has 66,000 full-time employees, is valued at US$420 billion and Ma is China’s third-richest person, with over $36 billion in assets.