Alibaba co-founder Jack Ma to retire: New York Times
Send a link to a friend
[September 08, 2018]
By Cate Cadell
BEIJING (Reuters) - Alibaba Group Holding
Ltd's <BABA.N> co-founder and executive chairman Jack Ma will retire
from the e-commerce company on Monday, as the former English teacher
seeks to focus on philanthropy in education, the New York Times
reported.
Ma, one of China's best known corporate leaders, will remain on the
company's board of directors and continue to mentor its management, the
New York Times said on Friday.
It was not immediately clear whether the company will appoint a new
chairman.
Ma, who founded Alibaba in 1999, stepped down as chief executive in
2013. He currently serves as the company's international face at top
political and bushiness's events.
Alibaba did not respond to requests for comment, but said in a social
media posting on Saturday that Ma had met visiting African leaders and
business partners in recent days.
Ma, China's third richest person with a net worth of $36.6 billion
according to Forbes magazine, was quoted by the New York Times as saying
his retirement was not the end of an era, but the beginning of one.
![](http://archives.lincolndailynews.com/2018/Sep/08/images/ads/current/ccaonline_lda050208.png)
While Ma's retirement from a formal role is a milestone, analysts and
industry professionals say it is unlikely Ma's involvement will change
significantly.
"I don't think it means that much, frankly. He stepped back from the CEO
role about four or five years ago and very specifically made a comment
about wanting the younger people to lead the company," said Kevin
Carter, founder of The Emerging Markets Internet exchange-trade fund.
"I'm sure he'll be just as involved as he has been in his chairman role,
even if he doesn't have the formal title," said Carter.
Ma, who turns 54 on Monday, oversees a number of charitable projects in
education and environmental fields. He is a cult figure in China's
internet industry and has attracted a big following among entrepreneurs
and in pop culture.
At events, he is often met with screaming fans.
[to top of second column] |
![](../images/090817pics/busine73.jpg)
Jack Ma, founder of Chinese e-commerce giant Alibaba, gestures
during the launch of Alibaba's office in Kuala Lumpur, Malaysia June
18, 2018. REUTERS/Lai Seng Sin/File Photo
![](http://archives.lincolndailynews.com/2018/Sep/08/images/ads/current/stclara_lda_2018.png)
TRICKY TIME
Ma maintains a prominent international profile, frequently inviting global
leaders to the company's Hangzhou headquarters. Last year, he met U.S. President
Donald Trump, who described him as "smart" and "open minded".
Alibaba was founded by 18 people led by Ma. China's biggest e-commerce firm, it
now has more than 66,000 full-time employees, according to the company's latest
annual filing.
The company had a market value of about $420 billion as of Friday's close. Ma
also controls Ant Financial, which was valued at about $150 billion after a
recent fundraising round.
Ma is stepping back at a tricky time for Chinese tech firms.
Authorities have increasingly sought to regulate the industry where Alibaba and
Tencent Holdings Ltd <0700.HK> are fighting a fierce battle for consumers.
Trade tensions also present a new challenge for Chinese tech firms, especially
those like Alibaba which are expanding overseas rapidly.
This year, regulators shot down a $1.2 billion bid for money transfer service
Moneygram International Inc <MG.O> by Ant Financial on national security
grounds, which the company said was related to "geopolitical" changes.
Ma's decision also comes as a U.S. police investigation into an allegation of
rape against Richard Liu, had of top rival JD.com Inc <JD.O>, hammered its
shares.
Liu was arrested and then released without charge in the U.S. city of
Minneapolis last week. Through his lawyers, he has denied any wrongdoing.
Liu holds both chairman and chief executive roles at JD.com, and the incident
spooked investors as there is no clear successor in the company.
(Reporting by Cate Cadell in Beijing, Manas Mishra in Bengaluru; Editing by
Cynthia Osterman and Leslie Adler)
[© 2018 Thomson Reuters. All rights
reserved.] Copyright 2018 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content. |