Home » Money

Alibaba’s Jack Ma to Step Down as Executive Chairman

08 September, 2018, 19:14 | Author: Lawrence Cooper
  • Alibaba co-founder Jack Ma to retire

Nearly 20 years after he founded Alibaba, the Amazon of China, Executive Chairman Jack Ma plans to retire to focus on philanthropy, according to a report.

The company went public on the New York Stock Exchange in 2014 and has a market value of about $421 billion. The Chinese e-commerce giant, since then is being managed by its current CEO Daniel Zhang, who is likely to succeed Ma after his retirement.

The day Jack Ma will be stepping down, September 10, is also celebrated as Teacher's Day in China.

As he prepares to leave the company, Ma is among China's richest men with a net worth estimated by Forbes at $38.6 billion.

Beijing has announced plans to regulate the country's highly popular video game industry, including restrictions on the number of new releases to address concerns over children's eyesight and gaming addiction. Alibaba, while hugely successful in China, it's not known as well overseas and the company has been looking for ways to raise its global profile. The company has increased its presence outside China by investing in e-commerce and online finance companies in India and Southeast Asia. On one hand, Chinese tech companies are facing increased scrutiny by the Chinese government led by President Xi Jinping, on the other hand, the tech firms are caught in an escalating trade war between the United States and China.

Succession planning for a company barely out of its teens underscores its founders' commitment of handing down a corporate structure that can outlast them.

Turkey calls for ceasefire in Syria's Idlib, Russia opposes
It has also created zones of control in northern Syria and has several hundred troops deployed at 12 observation posts in Idlib. They destroyed one Ahrar al-Sham post , killing one of its fighters and wounding 14 others in the area of Hobait, it said.

U.S. Warns Russia, Syria Against Escalating 'Already Dangerous Conflict'
Those areas were handed over to regime forces in surrender deals, with many opposition fighters and civilians bussed to Idlib. The campaign for Idlib is likely to be the last major theater of battle after seven years of brutal civil war.

Kavanaugh to face marathon questioning in battle for SCOTUS
More than a dozen protesters , shouting one by one, disrupted the hearing at several points and were removed by police. But the Democratic frustrations that boiled over on September 4 had been simmering for more than two years.

Alibaba reported roughly $40 billion (NZ$61.1 billion) in revenue previous year. It reported a total revenue of 158 billion ($23 billion) last fiscal year.

More travelling is scheduled for the businessman, including a trip to Cape Town, where Ma has promised to fulfil his pledge to help South African President Cyril Ramaphosa set up a digital training centre to nurture entrepreneurship among the youth.

"This is something I think I can do much better than being CEO of Alibaba", he told Bloomberg TV recently.

The move mirrors that of Bill Gates before he left Microsoft.

Like Gates, he has created his own eponymous foundation - the Jack Ma Foundation - which he says will push his original calling: education.

Speaking at an event in Australia in 2017, Ma explained his view on philanthropy. I can never be as rich, but one thing I can do better is to retire earlier.

Recommended:

  • College Makes Clear Just How Much They Don't Like Nike's Kaepernick Campaign

    Even if it means sacrificing everything" read the Nike ad, which celebrates the 30th anniversary of its "Just Do It" campaign. I don't think it's appropriate what they did.
    Earl Thomas fails to report, what would you trade for him?

    Earl Thomas fails to report, what would you trade for him?

    Thomas' contract is up at the end of the 2018-19 season, and Dallas would be a front-runner to gain his services in free agency. Thomas' reaction to the lack of a resolution was clear in his post: "The disrespect has been noted and will not be forgotten".
    Facebook, Twitter fall as they face U.S. Congress

    Facebook, Twitter fall as they face U.S. Congress

    He said Twitter has so far suspended 3,843 accounts the company believes are linked to the agency, and has seen recent activity. At the time, several senators expressed dismay that the companies had dispatched legal counsels rather than chief executives.
  • Google Chrome turns 10, gets Material overhaul - Software

    Google Chrome turns 10, gets Material overhaul - Software

    To play the game, either turn off your WiFi and open a new tab, or enter chrome ://dino/ In your search bar. The Omnibar, Google's term for the address bar turned search bar, is learning some new tricks too.
    CIO president: 'Hard to see' new NAFTA deal without Canada

    CIO president: 'Hard to see' new NAFTA deal without Canada

    He said in a tweet issued on Saturday that it would be left of the new NAFTA if "fair deals for the US" isn't reached. The U.S. -Mexico deal sought to end the mass exodus of manufacturing from the U.S., especially with automakers.
    Aretha Franklin's funeral to fuse spirit with star power

    Aretha Franklin's funeral to fuse spirit with star power

    Wilson, her entertainment attorney, says she would not have wanted to see her finances publicly aired: "She was a private person". I could not sing that well neither could my mum, but it was hard to find her not singing in the kitchen or in the bathroom.
  • U.S.  puts pressure on Pakistan on behest of India, says Chinese scholar

    U.S. puts pressure on Pakistan on behest of India, says Chinese scholar

    Raja Mohan downplayed reports in the US and Indian media that Trump has mimicked Modi's accent in meetings with his top officials. Pompeo also said India had committed to purchasing more energy products and aircraft from the U.S.to reduce the trade deficit.
    Elon Musk puffs on marijuana joint during live interview

    Elon Musk puffs on marijuana joint during live interview

    Marijuana consumption is legal in the state of California, where the podcast was hosted. "Weed is not helpful for productivity". In July he shocked investors by announcing on Twitter that he had funding secured to take his auto firm Tesla private.
    Erdogan warns of 'massacre' in Syria's Idlib

    Erdogan warns of 'massacre' in Syria's Idlib

    Idlib is held by a complex array of rebels and jihadists, many of whom have been blacklisted as "terrorists" by world powers. The prospect of an offensive in Idlib has alarmed humanitarian agencies. "Hundreds of thousands of people could be killed".
  • Burnt National Museum in Rio had relics from around world

    Burnt National Museum in Rio had relics from around world

    A man watches as flames engulf the 200-year-old National Museum of Brazil , in Rio de Janeiro , Sunday, Sept. 2, 2018. The jewel in the crown for many visitors was " Luzia " - the oldest human remains ever discovered in Latin America.
    Nike, Kaepernick ads called 'gutsy move' as reaction continues

    Nike, Kaepernick ads called 'gutsy move' as reaction continues

    People who've purchased clothing or shoes from Nike in the past three months, however, feel different. Nike shares are up 28 percent so far this year, outpacing the S&P 500 consumer discretionary sector.
    Garcia named among Bjorn's wildcard picks

    Garcia named among Bjorn's wildcard picks

    For the continent to wrestle back the trophy these wildcards will be under pressure to repay the faith shown by their captain. Furyk, who was allotted four discretionary wild card picks to complete the team, will make his final selection on Monday.


Popular

Six-time champion Serena Williams storms into US Open final
Open, but for Naomi Osaka , the chance to simply face Serena Williams is a prize in itself. A Grand Slam title is obviously the big prize of the U.S.

North Korean charged in crippling Sony hack, WannaCry virus
The WannaCry ransomware virus infected computers in 150 countries and crippled parts of the British health care system. Park and Chosun Expo, also known as Korean Expo Joint Venture, were also targeted with financial sanctions by the U.S.

Apple September 12 Event: What To Expect And Everything You Should Know
It's the same iPhone X design with beefier internals to handles more requests to Siri, or any combination of apps. This is rumored to be the successor of the standard iPhone 8 and will be presumably known as the Apple iPhone 9.

Oil price rises as Anadarko evacuates Gulf of Mexico rigs
Global oil markets have tightened over the past month, pushing Brent prices up by more than 10% since the middle of August. Given the current upside momentum, this price level could easily be achieved later today especially if additional U.S.

Rafael Nadal nearly needed five hours to win this instant classic
Forever I'm going to remember this match, for sure", said Thiem after his first ever hard court match against Nadal . The Spaniard was able to bounce back and win the next two sets 6-4, 7-5, but not without a fight from Thiem .

Check out these 2018 iPad Pro 12.9 renders
Also, the smart connector is located above the Lightning port, instead of on the side of the device as it is on current iPad Pros. The renders also show several (unconfirmed) interesting ways in which the new iPad differs from the old models.

Lionel Messi: 'Cristiano Ronaldo makes Juventus Champions League favourites'
Real midfielder Luka Modric was named the World Cup 2018's player of the tournament as Croatia reached the final against France . Lionel Messi has admitted he was surprised by Cristiano Ronaldo's decision to leave Real Madrid and join Juventus .

Kevin Spacey, Steven Seagal won't be prosecuted for alleged sex assaults
The case against Seagal involves an incident that allegedly occurred in 1993 involving an 18-year-old. The action star was accused earlier this year by two women of sexual assault and rape.

Foles will start over Wentz for Eagles in season opener
The news of Foles starting comes a day after John Clark of NBC 10 cornered the surgeon who repaired Wentz's knee, Dr. The Eagles have used Foles as their starter throughout the preseason while Wentz continues to recover.

China pledges another US$60bn to Africa as leaders meet in Beijing
Africa has long embraced Chinese investment, helping make Beijing the continent's largest trading partner for the past decade. Xi offered the funding at the start of a two-day China-Africa summit that focused on his cherished Belt and Road initiative.