Jack Ma steps aside on Tuesday as chairman of Alibaba, ending a spectacularly successful 20-year run during which the charismatic former English teacher's e-commerce company left a profound impact on China's economy.
His fluent English, globetrotting, and playful antics -- he channelled Michael Jackson in a dance routine two years ago -- shattered the dry image of the Chinese business executive, presenting a charismatic face to the world. He launched various internet-related business projects in China that met mixed success before convincing a group of Chinese and foreign friends to give him $60,000 to start a business-to-business e-commerce venture called Alibaba in 1999.
Ma's successors face rising domestic competition just as growth in consumer spending is slowing along with China's economy. "The guys taking over are really top-tier," said Jeffrey Towson, an equity investor and professor at Peking University.Zhang's team took over operations years ago, pouring investment into new initiatives including bricks-and-mortar retail, cloud computing, digital media, the grocery sector, meal delivery, entertainment and advertising. Earnings have remained strong.
Ma himself has drawn barbs, including after he recently dismissed concerns that Chinese workers were toiling excessive hours, and over the revelation last year that he was a Communist Party member.
Education Education Latest News, Education Education Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: thenewpaper - 🏆 7. / 63 Read more »