Alibaba chairman Jack Ma ‘Officially’steps down as Alibaba’s chairman

Alibaba is the world’s largest retailer and e-commerce company

Beijing, 10 Sep. 10: Jack Ma is bidding adieu to the position of chairman of China’s e-commerce company Alibaba today. 

However, the culture of promoting innovation will help startups and veteran online shopping site Alibaba to move into a new era as well. 

Jack Ma departs from the company on Tuesday, on his 55th birthday. Jack Ma has assets of $ 41 billion. He plans to spend a lot of his wealth on education.

Typically, large technology companies face share price fluctuations and difficulties after the charismatic founders leave, but this is not the case with Alibaba. 

Jack Ma is the force to overtake Alibaba and is like an ambassador for the company. He performed a dance inspired by Michael Jackson at Alibaba’s anniversary show two years ago.

Hopefully, he can continue in the role of advisor. “Jack Ma has built a strong culture in Alibaba and is still engaged in innovation,” said Jeffrey Towson, a professor and equity investor at Peking University, who co-founded CEO Daniel Zhang and the company – replacing Jack Ma. 

Celebrities like founder and executive vice-chairman Joseph Tsai could prove to be the “gold standard” for the technology company’s succession plan. 

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”. With no background in computing, Ma co-founded Alibaba in his apartment, having convinced a group of friends to invest in his online marketplace.

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