Friday, 27 March 2020

Jack Ma steps down






Jack Ma, or Ma Yun, is a Chinese business magnate, investor and politician. He is the co-founder and former executive chairman of Alibaba Group, a popular multinational technology conglomerate. Ma is a strong proponent of an open and market-driven economy....


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Most people around the world have heard about Alibaba,  China’s e-commerce tycoon steps down. Jack Ma, chairman of Chinese e-commerce giant Alibaba, calls it a day from his role on 55th birthday. He is also member of ruling Communist Party. He created $41.8 billion fortune during his 20-year rein at the company he founded. On being asked, he said – Before I am 70-years old, I can do something in other fields, in areas like education.

Jack Ma stepped down as Alibaba's chairman, handing the role over to the company's current CEO, Daniel Zhang. The transition was announced a year ago. As its CEO and now its chairman, Zhang has taken Alibaba's reins as it copes with a slowdown in China's e-commerce market after a decade of explosive growth

Ma will continue serving on Alibaba’s board until its annual general shareholders’ meeting next year. He also remains a lifetime partner of Alibaba Partnership, a group drawn from the senior management ranks of Alibaba Group  companies and affiliates that has the right to nominate (and in some situations, appoint) up to simple majority of its board.


Ma said in last year’s announcement that he plans for his departure from Alibaba Group to be very gradual: “The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba.”

Ma left Alibaba’s CEO position in 2013 and was succeeded first by Jonathan Lu. In 2015 Lu was replaced by Zhang, the company’s former COO. As its CEO and now its chairman, Zhang has taken Alibaba’s reins as it copes with a slowdown in China’s e-commerce market after a decade of explosive growth. The online retail landscape also now includes new players like Pinduoduo, which have gained an advantage by focusing on smaller cities, which are important growth markets for internet companies.

One interesting fact about the day Ma chose for his retirement as chairman is that it is Teachers’ Day in China. Ma is a former English teacher who is still nicknamed “Teacher Ma” and has said that he plans to devote time to education philanthropy.

A former English teacher earning $15 a month was rejected for almost every job including KFC where now he holds a stake. His company which had 18 people, now employs over 1 lakh staff. In 2014, Alibaba’s IPO was the world’s biggest at $25 billion.

In 2016, he emerged as Asia’s richest man but has now has been overtaken by RIL chairman Mukesh Ambani. Since taking over as executive chairman in 2013, Alibaba’s revenue has surged about 1,100 per cent to $56.2 billion in the year ended March 2019.

Alibaba, a $460 billion behemoth, is one of the world’s biggest e-commerce companies with a search engine and a bank. This does not include shares in the company held by his foundation, or value of stock he’s sold.The breakup of Jack Ma’s 5.3% holdings in Alibaba – Alibaba group holdings $24.1 billion, Zhejiang Ant Small & Micro Services $13.2 billion, cash and other amount $3.1 billion, Huayi Brothers Media Corp $66.1 million. Hon Kong Penthouse $36 million.









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