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Jack Ma announced his resignation from the chairman of Alibaba

The founder of Alibaba is resigning from his position as the head of the largest e-commerce company in the world….

By Jenny Scordamaglia , in China Trade , at September 10, 2019 Tags: , , , ,

The founder of Alibaba is resigning from his position as the head of the largest e-commerce company in the world.

He is handling don his company’s rein to his handpicked successor.

Jack Ma, will celebrate his final birthday as the chairman of the company at an Olympic sized sports stadium in Hangzhou, where he founded the company 20 years ago.

This amazing entrepreneur will be replaced by the lower profile Daniel Zhang, the chief executive of the company and an accountant by training.

Jack Ma posted a video on Monday saying:

“I am the person always looking forward. I don’t want to look back at the things.”

Jack Ma was a former English teacher, he said that he will turn his attention to philanthropy, focusing on the education of the rural areas.

In his open letter, he said, “I still have a lot of dreams to pursue. Those who know me know that I do not like to sit idle. The world is big and I am still young, so I want to try new things”.

The observers expect a great goodbye from Jack Ma as last year he dressed as Michael Jackson and danced to the song Billie Jean.

Jack Ma has inspired a lot of entrepreneurs who want to pursue their dreams as tech entrepreneurs in China and all around the world.

Alibaba, named after the character from Arabian Nights, was founded in 1999 by Jack Ma and reached profitability by 2001.

In 2014 its IPO was the biggest in history and by 2017 it became the first Chinese company to reach a $400 billion market cap.

Some of their products include Alipay, AliExpress, Taobao, Yahoo China, and many more.

In more recent news, Alibaba Group reached a deal to acquire NetEase’s (NTES – Get Report) e-commerce business unit, Kaola, for about $2 billion.

The giant Chinese online retailer, also said it would invest $700 million into NetEase’s streaming music business, NetEase Cloud Music.

Kaola will continue to operate independently, but the general manager of Alibaba’s Tmall business will lead the company as CEO.

But the resignation of jack Ma came in the time when the economy of China is at stake and the trade companies are facing a lot of challenges.

Jack Ma surprised his observers by this announcement but he will not completely relinquish his hold over the company.

He still has a 6.22% share and will also remain on the board of directors of the company until the annual stakeholder meeting in 2020.

After that, he will be part of the corporate governing body of 38 members that are separate from the board of directors.

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