End of an era as Jack Ma departs Alibaba
Alibaba Chairman Jack Ma will step down from Chinese e-commerce giant Alibaba Group today.
As previously reported, the 55-year-old, who co-founded Alibaba in 1999, is set to shift his focus to philanthropy and education. Daniel Zhang, currently Chief Executive, will replace him as Executive Chairman.
Ahead of his departure, Ma, China's richest man with a net worth of $38.6 billion according to Forbes, this week returned to Hupan Garden, his Hangzhou apartment in 1999, where it all began for Alibaba.
“This is where he gathered 17 of his former colleagues and students to launch what would become the largest retail commerce business in the world,” the company said in a statement.
“At Alibaba, it’s considered sacred space. When new projects are launching, teams relocate to Hupan to soak up some of the spirit that drove those first Aliren. Taobao, DingTalk and marketing platform Alimama got their starts there,” it added.
Further details here.