Jack Ma, the chairman of Alibaba and one of the most successful businessmen in China is stepping down.
The next chairman chosen is Daniel Zhang. The company has a valuation of $480 billion. He is expected to steer Alibaba through the challenging times ahead.
Alibaba was co-founded by Jack Ma in 1999. It is one of the most famous Chinese internet firms.
Jack Ma was born into a poor family in Hangzhou, China. He got his first computer when he was 33. He started an online marketplace, with just a group of friends to invest in his dream. Alibaba was just a small business that grew into an e-commerce giant soon. Ma had great leadership qualities and could charm people to invest in his business, be it.
Alibaba is listed in the New York stock exchange and is one of the world’s biggest stocks trading in the exchange. Jack Ma, who is now 55 years old, has been gradually removing himself from Alibaba. This has helped Alibaba to transmit towards a future without its co-founder.
Mr. Ma is the richest man in China according to Forbes, who has a net worth of $38.6 billion. After he steps down, he is expected to focus on education and philanthropy. He had stated in September 2018 that he would step down from being the chairman of the company in 2019 and has kept his word in September 2019.
Alibaba has not been able to show strength in the West due to the U.S. scrutiny.
Mr. Zhang will face a tough time living up to the image of his predecessor as Mr. Ma enjoys a good reputation among his staff and is respected by all in China and in the international community as well.
Alibaba first stepped into e-commerce business in 2016, when it took a controlling stake in Lazada, Singapore, which serves in many places in South-east Asia.