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Alibaba's Jack Ma names a successor

2018-09-10 06:56
Jack Ma, the chairman of Chinese tech giant Alibaba, has begun making moves to step down. The company said on September 10 that he's staging a long-term transition plan. He plans to hand the position of chairman over one year from now, and leave the board of directors in 2020. Taking the helm will be Alibaba's current CEO Daniel Zhang. According to Forbes, Ma has a net worth of nearly $37 billion dollars, making him one of China's richest people. He helped found Alibaba in 1999, and today the company has a market value of around $420 billion. The tech titan is a former English teacher with no technical background. He's also an icon of self-made wealth, with a large popular following, and is known for his eccentric personality. Ma is stepping back as local tech companies face slowing sales in the big urban centers that have driven e-commerce in China. Ma says that even after he steps down, he'll still have a hand in mentoring the company's management. Credit: Reuters