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.



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