Few days after sources speculated that Alibaba Group will start a fully-owned e-commerce business in India, Jack Ma, the founder of Alibaba, has handed over his role to his successor, and stepped down from his post as the head of the e-commerce unicorn.
Daniel Zhang, chief executive and an accountant by training at Alibaba, will occupy Ma’s rope in the company.
Ma said, “I’m the person always looking forward. I don’t want to look at the things back.” He has previously said he will turn his attention to philanthropy, focusing on education in rural areas.
Ma’s resignation comes at a time when growth of China’s e-commerce industry has slowed, along with the broader economy, and the company faces more competition from other large tech firms.
He has turned Alibaba from an e-commerce startup to China’s biggest conglomerate by expanding into financial services, mobile payments, cloud computing and artificial intelligence.
Alibaba Group was founded by 18 people led by Jack Ma in 1999. Its businesses are comprised of core commerce, cloud computing, digital media and entertainment, and innovation initiatives.
Furthermore, according to the Forbes magazie, Ma’s net worth is $38.4 million, making him China’s richest man.
Ma announced his retirement as chairman of Alibaba in 2018.