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Home / Business / Chinese billionaire Jack Ma steps down as executive chairman of Alibaba ▷ Kenya News

Chinese billionaire Jack Ma steps down as executive chairman of Alibaba ▷ Kenya News

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– Jack Ma retires from his role at the e-commerce giant at age 55

– He said he will dedicate most of his time in running philanthropies in rural areas

– He retains a 6.22% share and will remain on the board of directors until 2020

– Ma was replaced by the company’s lower-profile CEO Daniel Zhang

China’s richest man and chairman of giant e-commerce Alibaba has stepped down from his role at the company.

Jack Ma stepped down from his role as he marked his 55th birthday and handed over leadership to lower-profile Daniel Zhang, the company’s chief executive officer and an accountant by training.

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Chinese billionaire Jack Ma steps down as executive chairman of Alibaba

Billionaire Jack Ma retires from his executive chairman position at age 55. Photo: Citizen
Source: UGC

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However, the billionaire and founder of Alibaba will not leave the company any time soon as he will retain 6.22% share and will remain on the board of directors until an annual shareholders’ meeting in 2020, as reported by the Guardian.

After the meeting he will become part of the governing body of 38 members that is separate from the board.

Ma announced his plans to retire at 55 in 2018 when he said he would celebrate his birthday at a sports stadium in Hangzhou, where he founded the company 20 years ago.

Chinese billionaire Jack Ma steps down as executive chairman of Alibaba

Alibaba CEO Daniel Zhang takes over from Jack Ma. Photo: Financial Times
Source: UGC

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A community party member and former English teacher, Ma said he will dedicate much of his time in his philanthropic activities especially focusing on education in rural areas.

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“I still have lots of dreams to pursue. Those who know me know that I do not like to sit idle. The world is big, and I am still young, so I want to try new things,” said Ma in a 2028 open letter when he announced his plans to retire.

According to Forbes, Jack Ma’s net worth is estimated to be KSh 3.8 trillion ($38 billion), making him China’s richest man. The company is now valued at KSh48 trillion ($480 billion).

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Born to a poor family in the eastern Chinese city of Hangzhou, Ma began his career as a teacher.

He bought his first computer at the age of 33 and was surprised when no Chinese beers turned up in his first online search for “beer”.

He tried his luck in business but failed two times before he convinced his friends to invest in his online marketplace.

It marked the beginning of Alibaba in 1999 and the company struggled for years to get off the ground.

Over the years, Alibaba has grown from an online marketplace into an e-commerce giant with interests ranging from financial services to artificial intelligence.

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