Starting exactly one year from 10 September, Jack Ma will hand down the reigns of Alibaba to current group CEO, Daniel Zhang.
“Today, as we mark the 19th anniversary of Alibaba, I am excited to share some news with you: with the approval of our board of directors, one year from today on September 10, 2019 which also falls on Alibaba’s 20th anniversary, Group CEO Daniel Zhang will succeed me as chairman of the board of Alibaba Group,” said Ma in a letter issued to Alibaba’s customers, employees and shareholders.
Ma added that the decision did not come hastily, and that he had been preparing this succession plan for the past ten years.
Following the announcement, Alibaba’s share price dipped some US$10 but has since recovered.
Still young, Ma mentioned his desires for new opportunities in education, however added that he will be staying on as founding partner and continue to be involved with the company as a director of the board until 2020.
Sources reported concerns for little clarity on the company’s business path, but Ma is confident the business will see sustained growth without him.