Alibaba CEO Jack Ma leaves . Eventually, on the 10th of September 2019, the executive president and co-founder of the Chinese Giant Alibaba will leave his post.

This was officially announced by the giant technology and e-commerce group and Ma himself with his personal open letter, thus denying recent reports that his retirement will be immediate.

He will succeed him, as announced, today’s 46-year-old CEO, Daniel Zhang, a graduate of the Shanghai University of Economics, who has been in the company for 11 years and has been appointed CEO in 2015 (a title he will hold after taking office as Executive Chairman ). The transition period of one year to the autumn of 2019 was considered necessary for the succession to be made smoothly by Ma to Zhang.

Ma, a former English teacher, without any technological background, had founded, along with 17 other people in 1999, Alibaba. The small company, under his guidance, has grown into an international business giant, listed from 2014 on the New York Stock Exchange, from which he has earned $ 25 billion (the world’s largest import company). In 2017, the Alibaba Group had revenue of about $ 50 billion, now employs more than 66,000 people, and today its stock value reaches $ 420 billion.

Ma, who owns 6.4% of Alibaba’s shares, is one of the richest people in China, with an estimated property of nearly $ 37 billion. The 54-year-old charismatic Ma – not seldom dressed as a rock star and treated somewhat by the media and the public – will remain on the board of directors of the company by 2020.

As he said, “One thing I can promise to everyone: Alibaba was never only Jack Ma, but Jack Ma will always belong to Alibaba.” In the future, his work will focus on philanthropy in the field of education, according to Microsoft’s Bill Gates.

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