Jack Ma to step down as chairman of Alibaba
Jack Ma was the co-founder of Alibaba's driving force and a frequently irreverent ambassador for the company. Ma is seen as a global ambassador for Chinese business and as such is frequently listed as one of the world's most powerful people by Forbes. He also serves as a role model for startup businesses. In 2017, he was ranked second in the annual "World's 50 Greatest Leaders" list by Fortune. On 10 September 2018, he announced that he will retire from Alibaba and pursue educational work, effective in one year, with Daniel Zhang succeeding him as executive chairman.
He applied ten times to Harvard Business School (HBS) and got rejected. As of June 2019, he is one of China's richest men, with a net worth of $35.6 billion, as well as one of the wealthiest people in the world and also was ranked 21st in Forbes' World's Most Powerful People.
Now Jack Ma to steps down next week as chairman of Alibaba on his 55th birthday , but the start-up he built into and online retail behemoth is expected to keep thriving into a new era thanks to a culture of innovation he helped nurture. He is expected to retain some advisory functions.
Ma plans to put his vast fortune - among China's biggest at USD 41 billion - into initiatives serving his first love, education, following the footsteps of a fellow tech innovator he admires: Bill Gates.
But the transition to figures like CEO Daniel Zhang, and co-founder and executive vice chairman Joseph Tsai -- announced exactly a year ago. Ma had built a really robust culture at Alibaba and they are still just innovating like crazy.
Ma has been the driving force for the development of China's internet industry and economy. With monthly active users of more than 750 million today, Alibaba helped to unlock China's massive consumer power and specially, its Taobao and Tmall platforms have helped countless businesses grow.
Chinese e-commerce , Alibaba has continued to expand its ecosystem, pushing into cloud computing, entertainment, and a "new retail" concept -- combining online ordering with bricks-and-mortar stores -- while its Alipay finance unit has pioneered cashless digital payments.
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