Alibaba boss to step down as chair­man

Belfast Telegraph - Business Telegraph - - News - BY JOE MCDON­ALD

THE founder of e-com­merce gi­ant Alibaba has an­nounced he will step down as the com­pany’s chair­man next Septem­ber.

Jack Ma said he will be suc­ceeded by CEO Daniel Zhang, an 11-year vet­eran of the com­pany. Mr Ma handed over the CEO post to Zhang in 2013 as part of what he said was a long-planned suc­ces­sion.

Mr Ma, a for­mer English teacher, founded Alibaba in 1999 in a flat in the east­ern city of Hangzhou to con­nect Chi­nese ex­porters with for­eign re­tail­ers.

It ex­panded into con­sumer re­tail­ing, be­com­ing the world’s big­gest e-com­merce com­pany by to­tal value of goods sold, as well as online fi­nance, cloud com­put­ing and other ser­vices.

Mr Ma (54) be­came one of China’s most fa­mous en­trepreneurs and one of the world’s rich­est. The Hu­run Re­port, which fol­lows China’s wealthy, es­ti­mates his net worth at $37bn (£28.65bn). Its 2014 IPO of $25bn (£19bn) was the big­gest ever by a Chi­nese firm.

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