Jack Ma steps aside today as chairman of Alibaba, ending a spectacularly successful 20-year run. — AFP pic
His departure marks a new era for a company that tapped into China’s deep reservoir of consumer spending, creating new opportunities for countless businesses large and small, and helping cement the internet’s central role in Chinese daily life. Ma was a cash-strapped entrepreneur when someone showed him the internet on a 1990s trip to the United States.
US-listed Alibaba is now among the world’s most valuable companies, worth US$462 billion, according to Bloomberg data. “The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba,” he said.The 47-year-old Zhang, by contrast, is a mild-mannered finance expert. But Chinese media routinely refer to him as the man who transformed Ma’s sturdy little “tractor” into a “Boeing 747”.
Alibaba and its imitators, however, have been accused of fostering rampant consumerism, traffic in counterfeit goods, and producing mountains of packaging-material refuse.
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