MEET ALIBABA’S NEW BOSS, DANIEL ZHANG
Stewardship of Asia’s most valuable company is passing to a financial wizard who has led the company’s effort to drag the traditional retail industry into the 21st century.
Jack Ma will step down as executive chairman of Alibaba Group Holding in 2019, handing the reins to Daniel Zhang, who became chief executive officer barely three years ago. The 46-year-old certified accountant has been the driving force behind a mandate to transform old-school commerce using technology that it’s dubbed “New Retail.” Since his ascension, the Shanghai-educated executive has proven a capable operator, designing and pulling off mega-events such as the annual Singles’ Day shopping bonanza. The company’s stock has risen 87 per cent over his tenure and Alibaba now has a market value of about $420 billion, eclipsing WeChat operator Tencent Holdings.
Zhang’s known as more of a financial mind than a technology visionary in Ma’s mold. 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 appointment holds some irony: Ma often said he wasn’t fond of professional managers because of a focus on short-term performance.
Ma hired Zhang from Chinese gaming giant Shanda Interactive Entertainment in 2007 — an episode Ma handled with kid gloves because Shanda’s founder was a longtime friend and prominent entrepreneur.