Alibaba's charismatic co-founder and chairman Jack Ma on Monday this week announced in an open letter that he would step down in a year, devoting his time to philanthropy focused on education, with the company CEO Daniel Zhang taking over as the chairman of the board.
In the letter entitled "Happy Teachers' Day," Ma said he would retire as the chairman of the board on Sept. 10, 2019, on Alibaba's 20th anniversary, which he has made this preparation for 10 years.
Ma has inspired strong devotion among his employees and users and practiced a more open management style, aiming to establish a governance based on culture and mechanism for developing consistent talent and successors. After resigning from the post of CEO on May 10, 2013. He said the company ran smoothly for five years on the back of the institutional ingredients.
Before starting Alibaba in 1999 and built it into a multibillion-dollar Internet colossus, Ma was an English teacher. Now he is one of the world's richest men and a revered figure in his homeland.
Alibaba Group has added cloud computing, films, digital media and entertainment, and e-payments to its growing portfolio and was valued at $420.8 billion when the stock market closed on last Friday. With his dedication, it is sure that he’ll continue to change the world in another way after his retirement.