Alibaba founder Jack Ma resigned as head of board

UNITED STATES, WASHINGTON (OBSERVATORY) — The founder of the Internet holding Alibaba Group and one of the richest people in China, Jack Ma, resigned as chairman of the board of directors of the company. The top manager resigned today, September 10 – on the day of his 55th birthday, TechCrunch writes.

Freed from managing the company, Ma intends to devote her charity to education. The powers of the founder of the corporation will pass to Daniel Zhang, who currently holds the position of CEO and member of the board of directors.

Ma will not retire right away. First, the billionaire will remain on Alibaba’s board until the annual shareholders meeting in 2020. Secondly, he will retain his role as the founding partner of the Alibaba Partnership (“Alibaba Partnership”) – a group of 36 top managers who are entrusted with the task of determining the mission, values ​​and vision of the company.

Ma is considered one of the richest people in China. Bloomberg estimates his fortune at $ 41.8 billion.

As a former English teacher, Ma founded Alibaba in 1999 as an online trading platform for business. The project became truly successful after the launch of Taobao in 2003, a marketplace targeted at ordinary consumers, whose products were offered by numerous online stores.

Alibaba later launched Alipay, a payment system that made it possible to pay online goods to hundreds of millions of Chinese people who never had a bank card. Then, on the basis of Alipay, Alibaba’s financial subsidiary, Ant Financial, was formed.


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