James Alexander Michie: The end of an era | Bloomberg
Author: James Alexander Michie
The wealthiest man in China has become similar to converting the company that started his Hangzhou apartment into a global e-commerce giant with cloud computing and package delivery companies. Likewise, the end of an era has been announced and in the same way, Jack Ma announced plans to deliver the role of CEO to Daniel Zhang, who is a veteran in the area of finance who has presided over an ambitious expansion and has won investors in three years as executive director.
Jack Ma will hand over the helm of Alibaba Group Holding Ltd. to CEO Daniel Zhang next year. Meanwhile, Jack Ma will legally pass the baton in punctually 12 months, on his 55th birthday, but he will persist in the council until 2020. In addition to this, Ma has declared that his plans are to focus on education and philanthropy, and he wants to pursue ” New dreams”. Similarly, Ma pointed out “I have prepared a Jack Ma Foundation. All these things that I have been preparing for 10 years” and likewise said “There are many things I can learn from Bill Gates, I can never be so rich, but one thing that I can to do better is to retire before. ”
Now, it is necessary to highlight that Ma is moving with Alibaba in a dominant approach in China and pushing towards foreign markets from Southeast Asia to Russia and as the leadership will relapse in Zhang and the other 35 partners that control the company this will not be a simple task, despite this Ma apparently is not worried about it since, due to his statements, it is possible to understand that he trusts his successor.
Similarly, Ma has expressed in a statement “Begin the process of passing the torch of Alibaba to Daniel and his team is the right decision at the right time because I know from work with them that they are ready,” he added. he assumed as CEO, he has demonstrated his excellent talent, commercial acumen, and determined leadership. ”
Zhang’s appointment can turn into a real bewilderment for those accustomed to investigating Ma’s other high-profile lieutenants, such as Vice President Joseph Tsai. But one thing that cannot be denied is that the CEO, Zhang, has demonstrated his capacity and, in fact, Alibaba’s shares have increased 87 percent during his tenure and now has a market value of approximately $ 420 billion, Larger than archenemy and operator of WeChat Tencent Holdings Ltd.
Take a read: https://www.bloomberg.com/news/articles/2018-09-10/alibaba-s-jack-ma-to-hand-chairman-s-role-to-ceo-zhang-next-year
Source: Lulu Yilun Chen | Bloomberg