Jack Ma will unveil Alibaba’s succession plan, paving way for younger talent to take over, and will remain executive chairman while the plan is carried out.

Alibabas Jack Ma not stepping down to reveal succession plan on September 10
Atom Alibaba Sunday, September 09, 2018 - 08:04

After reports emerged that Jack Ma is stepping down to pursue philanthropy in education, the South China Morning Post (SCMP) newspaper has reported that an Alibaba spokesman stated that Ma will announce his succession plan on his 54th birthday, which is on Monday September 10. Ma will announce his transition plan over a significant period of time.

SCMP, which is owned by Alibaba, quotes a spokesperson as saying that the New York Times story was taken out of context and was factually wrong.

“I sat down with our senior executives 10 years ago, and asked what Alibaba would do without me… I’m very proud that Alibaba now has the structure, corporate culture, governance and system for grooming talent that allows me to step away without causing disruption,” the SCMP quotes Ma as saying.

New York Times reported on Friday that the Chinese billionaire will be retiring on Monday to pursue  philanthropy in education, a changing of the guard for the $420 billion internet company.

As per a TechCrunch report, Ma won’t be immediately stepping down from the company but will eventually move away from his role over time.

A former English teacher, Ma co-founded Alibaba with 17 others out of his apartment in Hangzhou, Zhejiang province, in 1999.  The company now has more than 66,000 full-time employees, as per a Reuters report.

He built it into one of the world's most consequential e-commerce and digital payments companies, transforming how Chinese people shop and pay for things which made him China’s third richest person with a net worth of $36.6 billion according to Forbes magazine.

However, Ma already detached himself to at extent from the daily operations of Alibaba when he stepped down as the CEO in 2013 to become the executive chairman. As per the SCMP report, he now dedicates more time and wealth towards the Jack Ma Foundation.

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