Alibaba co-founder Jack Ma to retire

Jack Ma co-founded Alibaba in 1999 with 18 staff

Ma said that after he steps down from his current roles he will continue to mentor management as part of the "Alibaba Partnership", a 36-member group of core company managers.

Ma, 53, will unveil a plan to find a successor, and is set to remain as executive chairman while the search is carried out, according to reports.

Ma has remained the public face of Alibaba, showing off his wit and dispensing folksy wisdom on the global stage. "Globalisation is one of our key strategies for Alibaba".

"Jack Ma's said CFOs don't make good CEOs, but Daniel is an exception", said Kim Eng Securities analyst Mitchell Kim.

But he doesn't have the same star power that founders in China's large tech companies hold, including Jack Ma, Baidu Inc's (BIDU.O) Robin Li and Tencent Holdings Ltd's (0700.HK) Pony Ma. The co-founder of China's e-commerce juggernaut plans to leave the company next year.

With an aim to connect Chinese entrepreneurs with the world, Ma - who was a teacher in English and worldwide trade at a university in Hangzhou - about 180km southwest of Shanghai, founded in 1999 the e-commerce platform Alibaba.com, which rose to become one of the largest companies in the world.

"Ma possesses an enviable clarity about how everything fits together", said Mark Tanner, founder of Shanghai-based research and marketing company China Skinny. He helped build it into a $420 billion company with more than 500 million Chinese customers who use the site to purchase everything from clothes to cement. "All these things that I've been preparing for 10 years".

Far-right scourge of liberals has updated its image
Far-right parties have gained strength in elections in recent years in several European countries, including Germany and Italy. Final results are due before midnight (2200 GMT), but the composition of the next government may not be known for weeks.

People indicted, convicted, investigated in Trump-Russia probe
Milfsud "is missing and may be deceased", attorneys for the committee wrote in a status report entered in Manhattan federal court. "I made a awful mistake, but I am a good man", he said Friday at his sentencing hearing in federal court in Washington.

Leslie Moonves in settlement talks with CBS board
According to a CNBC report, the talks between CBS and Moonves have stalled, as both sides debate how much Moonves deserves. CBS declined to comment to CNBC and did not immediately respond to a request for comment from Business Insider.

Alibaba is incredible not because of our business or scale or accomplishments. He had been CEO of the company until 2000.

Since the founding of the company in 1999, we have been of the view that Alibaba's future will need to depend on "droves of talent" to enable us to iterate on our management succession plans.

So I said in my next life, if I still can have a next life, I will never do a business like this.

Ma described Zhang as having "superb talent, business acumen and determined leadership". Recently, Ma has been taking full advantage of his fame, belting out "Unchained Melody" at a Chinese music festival, doing his best Michael Jackson impression at Alibaba's birthday bash past year, and even starring in his own kung-fu flick alongside the likes of Jet Li and Donnie Yen. His analytical mind is unparalleled, he holds dear our mission and vision, he embraces responsibility with passion, and he has the guts to innovate and test creative business models. "'I love education, ' he said".

Mr Ma said recently in an interview with Bloomberg that "there's a lot of things I can learn from Bill Gates", who also founded his own philanthropic foundation before stepping down as chief executive of Microsoft.

Other members include Eric Jing, chief of Alibaba payment affiliate Ant Financial [ANTFIN.UL], Joe Tsai, executive vice chairman of Alibaba, Simon Hu, chief of Alibaba Cloud, and Lucy Peng, who heads Alibaba's Southeast Asia business. "The world is big, and I am still young, so I want to try new things", the Chinese business icon's letter added.

Ma says that he has been carefully preparing for this company transition for a decade.

Related news:

Hot News

isis-killer-beheading-video-story-top More trouble for Tesla after executives resign
Sep 10, 2018 - 16:58
He said: I think the future in where we are a space-faring civilisation out there among the stars, that is very exciting. In an Instagram post from the August weekend spent at Musk's residence, Banks claimed the Tesla CEO had taken LSD.

isis-killer-beheading-video-story-top Georgians urged to prepare for Florence
Sep 10, 2018 - 16:41
The National Hurricane Center says early forecasts indicate it will make its way towards the main islands early next week. Hurricane Florence continues to travel west over very warm ocean water which will act as fuel and intensify the storm.

isis-killer-beheading-video-story-top Twitter reacts to Aaron Rodgers' injury
Sep 10, 2018 - 16:28
He went 23-for-35 for 171 yards. "It was great knowing we got a W on the way as long as we took care of business", Perry said. Now, he's exited the field of play entirely, getting carted off to the locker room for further evaluation.

isis-killer-beheading-video-story-top Cheaper ‘iPhone XC’ leaked ahead of Apple's announcement this week
Sep 10, 2018 - 15:54
The "s" cycle would make more sense, since Apple has done it every other year, until the transition between the iPhone 7 and 8. The iPhone XC is tipped to feature a single-lens camera on the back, and would also feature FaceID and 3D Touch.

isis-killer-beheading-video-story-top Tiger Woods calls Nike's Kaepernick campaign a 'beautiful spot'
Sep 10, 2018 - 13:46
Kaepernick is the face of Nike's new ad campaign , which promotes the 30th anniversary of its "Just Do It" advertising. The ad aired during the first commercial break in the third quarter of the Eagles-Falcons game on Thursday night.

isis-killer-beheading-video-story-top Peace overture? No ballistic missiles seen in North Korea’s 70th anniversary parade
Sep 10, 2018 - 08:47
In the same year, the so-called Mass Games took place for the last time before this year's revival. This gallery was curated by Associated Press photo editor Wally Santana in Bangkok.

isis-killer-beheading-video-story-top Trump ups ante on China, threatens duties on almost all its imports
Sep 10, 2018 - 08:22
The US government already imposed 25 percent tariffs on $34 billion of Chinese imports in July and another $16 billion last month. He pointed out that 23 per cent of the impending tariffs on US$200 billion of Chinese imports targeted consumer products.

isis-killer-beheading-video-story-top Three toddlers among dead in Australia mass killing
Sep 10, 2018 - 08:15
Maria Manfredini, who lives at the property behind where the incident occurred, said she was shocked by the tragedy. Police do not yet know how they were killed, and it is unclear whether any weapons have been found at the scene.

isis-killer-beheading-video-story-top Williams loses game for arguing during US Open loss to Osaka
Sep 10, 2018 - 08:10
Chair umpire Carlos Ramos warned Williams for getting coaching during a match, which isn't allowed. King tweeted, "when a woman is emotional, she's "hysterical" and she's penalised for it".

isis-killer-beheading-video-story-top Tropical Storm Isaac, 9th named storm of season, forms in Atlantic
Sep 10, 2018 - 07:27
The other storms — Tropical Storm Isaac and Tropical Storm Helene — are both expected to become hurricanes Sunday or Monday. At this point, county and city agencies are operating at OPCON 3 as operations were ramped up a bit on Sunday morning.

isis-killer-beheading-video-story-top Aaron Rodgers Carted Off the Field With an Apparent Knee Injury
Sep 10, 2018 - 06:57
The struggles and lack of cohesion shared by the starting group was obvious through the first half prior to Rodgers' injury. After spending a few minutes in the medical tent, Super Bowl champion and two-time MVP Rodgers left the field on a cart.

isis-killer-beheading-video-story-top Authorities: Texas officer arrested for manslaughter
Sep 10, 2018 - 06:31
This Sept. 21, 2017, photo provided by Harding University in Search, Ark., shows Botham Jean in Dallas . DPD cut the news conference with the chief short when reporters still had a lot of questions.

isis-killer-beheading-video-story-top Joseph Randle, Former Dallas Cowboy, Arrested For Rape
Sep 10, 2018 - 06:13
In February 2016 he was arrested twice for speeding and for trying to ram partygoers with his vehicle after he lost at beer pong. According to jail records , former Dallas Cowboys running back Joseph Randle has been arrested on rape charges in Kansas .

isis-killer-beheading-video-story-top Danish amateurs keep pride intact in 3-0 Slovakia defeat
Sep 09, 2018 - 22:58
Quarreling over commercial rights for players, such issues will be put to one side until Denmark's matches against Wales . Denmark , ninth in the world rankings, reached the last 16 at this summer's World Cup in Russian Federation .

isis-killer-beheading-video-story-top Google Pixel 3 is launching on October 9th
Sep 09, 2018 - 21:57
Only an animation of the famous "I 3 NYC" slogan followed by Google's famous G logo is all that you can find in the provided GIF. An update to the standard Google Home speaker could come this year as well as a new laptop and upgraded Pixel Bud headphones.