Chinese billionaire Jack Ma confirms exit at Alibaba, announces successor

10 September, 2018, 16:58 | Author: Kevin Carter
  • 2018 Alibaba Xin Philanthropy Conference

"There isn't a face or name more recognizable globally that represents the rise of China's internet and its consumers than Jack Ma", said Tanner. The veteran CFO espouses a less flamboyant style than his charismatic boss, who dispenses folksy wisdom on the global conference circuit and hob-nobs with heads of states and celebrities.

"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", Mr. Ma said". 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 previous year, and even starring in his own kung-fu flick alongside the likes of Jet Li and Donnie Yen. Ma went to Chen Tianqiao's home for dinner and apologized in person for the recruitment.

But he has also said in the past that he isn't happy being the wealthiest person in China, where vast personal fortunes have only emerged in recent years and are subject to intense scrutiny.

Over the course of his tenure at Alibaba, Ma became China's richest man, earning a net worth of more than $40 billion.

Alipay became a free-standing financial company, Ant Financial, in 2014.

Zhang now has to steer China's largest corporation overseas, where it's made headway in markets like Southeast Asia but remains alien to many Western consumers.

A former chief financial officer who studied economics, Zhang isn't expected to rival the showmanship of Ma, who effortlessly generates newsworthy quotes, and who has donned a variety of wild costumes to dance and sing at his company's meetings and at festivals.

Here are five things to know about Jack Ma. "The challenges will be how Alibaba can expand outside of Asia".

The opportunities are vast for the current $35 billion Indian e-commerce sector which would be worth over $100 billion by 2022 - with a growth of around 25 per cent from the current level - a joint PwC-Nasscom report said on Friday.

More news: Tensions are brewing between Le’Veon Bell and teammates

That effort caps a meteoric rise.

The total value of goods sold on all of its platforms rose 28 per cent over 2016 to 4.8 trillion yuan ($768 billion), according to the company.

Earlier this month, Zhang penned an editorial for CNBC in which he laid out his leadership approach.

"But they (the management team) are all wicked smart".

"If you're going to win a race, it's more important to buy a horse than just bet on it", he wrote.

Since handing over the CEO role, Ma, who is married with three children, has concentrated on philanthropy and promoting Alibaba internationally at business and political events.

The plan, announced on Mr. Ma's 54th birthday, took 10 years to put together.

Alibaba describes him as "the key architect" of Singles Day, an event that started as an attempt to boost sales andgrew into the world's biggest shopping day.

Hailing from the commercial hub of Shanghai, Zhang studied finance at Shanghai University of Finance and Economics. "Many years after he left Shanda, he still finds time to attend Shanda's annual alumni gathering and gives a speech", the founder said.

Recommended:



Popular

Cops search home of couple who raised funds for homeless man
With the help of two pro bono lawyers, Bobbitt sued McClure and D'Amico for the missing money last week. The screenshot provided by Fallon does not show any response from Bobbitt. "I don't want that either".

The umpire was right to give Serena Williams a serve
Her previous best performance at a Grand Slam was losing in the fourth round at this year's Australian Open. In a second tweet, King added: "When a woman is emotional, she's "hysterical" and she's penalized for it".

BA hacked: 380,000 card payments 'compromised' in breach
In a statement , the airline added: "We have notified the police and relevant authorities". A spokesman for the ICO said it would be "making inquiries" into the British Airways hack.

Aaron Rodgers throws absurd TD pass to Geronimo Allison
Meanwhile, Chicago's defense blanked Green Bay 17-0 in the first half. "I said, 'We might as well win this thing, '" Rodgers said. All he had to do was corral the flawless spiral, and there was a good chance it was six points the other way and a Bears victory.

Patrick Chung’s Unparalleled Toughness Makes Him Ideal Patriots Captain
Instead, the quarterback said his focus would be on the the Patriot's opponent in the season opener - the Houston Texans . Also, we will see how Brady performs with some limited weapons at wide receiver with Julian Edelman being suspended.

Rapper Mac Miller dead at 26
The 25-year-old performing ten songs from her recent album Sweetener , as well as an a cappella rendition of 'One More Time' . Another source said Grande is heartbroken, adding, "Despite their split , Ariana had always been supportive of his sobriety".

Florence weakens to a tropical storm
Though weakened to a tropical storm, Florence was expected to regain hurricane strength as it neared Bermuda. It's still too early to know for sure, but we should all be tracking the storm carefully in the days ahead.

How it works, format, structure and so on — UEFA Nations League
The tournament resurfaced in a bid to revamp the level of worldwide football and reduce irrelevant friendlies. And this is where it does become really complicated.

The new 6.1-inch iPhone could come in red and blue colors
According to reports , the 6.1 inch LCD iPhone 9 will cost close to what the iPhone 8 costed during the time of tis release. There are also rumours that there's a 6.1 inch model, with an LCD screen, which is supposed to replace the iPhone 8 .

Twitter CEO Involved in Alex Jones, Richard Spencer Decisions
To kick off his opening statement, Dorsey picked up his phone and said he would be tweeting out his prepared testimony. He says such behavioral analysis "does not consider in any way" political views or ideology.