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.Ma, who turns 55 Tuesday, hands the reins of the company he co-founded to a team of executives led by CEO Daniel Zhang. Ma intends to put his $41 billion fortune toward philanthropic projects such as education.
“His background as an English teacher, allied to his raw charisma including a keen sense of humor have cemented his place … as the face of Chinese entrepreneurs overseas,” said Duncan Clark, author of “Alibaba: The House That Jack Ma Built.”Ma’s departure comes not only on his birthday but, fittingly, on Teacher’s Day in China. Alibaba also stages its 20th-anniversary bash Tuesday evening. Alibaba has provided few details on Ma’s participation or whether there will be a formal handover ceremony.
Today, Alibaba towers over Chinese e-commerce with more than half of domestic market share, international ambitions, and a dominant position in digital payments through affiliate Ant Financial. Ma, who is expected to retain some advisory functions, has made little public comment recently about the transition, but last year expressed confidence Alibaba would remain successful.
On Friday, Alibaba said it bought the e-commerce platform of fellow Chinese internet giant NetEase for around $2 billion, further strengthening its industry lead.