Chinese multibillionaire Jack Ma will unveil on Monday, on his 54th birthday, “a succession strategy” for the Alibaba online business group he co-founded. He will not retire immediately and will remain Executive Chairman until further notice.
Jack Ma will announce on Monday, the new head of Alibaba, but the Chinese multibillionaire will not immediately retire from the giant e-commerce, the group said Sunday in the press.
The Hong Kong’s daily newspaper South China Morning Post (SCMP), owned by Alibaba group, confirms the above information published on Friday by the New York Times (NYT) that the charismatic Jack Ma, one of the richest men in China, will be no longer as the head of Alibaba.
Jack Ma will reveal on Monday, 10th sep 2018, “a strategy of succession” but will remain executive chairman until further notice, says the SCMP. Mr. Ma had already sold the general management of Alibaba in 2013. He told the NYT that he now intends to focus on philanthropic projects in education but would continue to advise the group.
85,000 employees
Ex-English teacher, a real “self-made man” adored by his employees, Jack Ma according to Bloomberg, the 19th world fortune, with a jackpot valued at 40 billion dollars. On Friday, Alibaba weighed about $ 420 billion in market capitalization on Wall Street.
Alibaba, founded in 1999, now has some 85,000 employees with annual sales of $ 40 billion. Its e-commerce platforms Taobao and Tmall control 60% of the Chinese market. This technological juggernaut is also present in cloud computing ( “cloud” ), film and finance.