Jack Ma Set To Reveal Succession Plan

Advertisment

Jack Ma, one of richest men in China, is set to reveal a succession strategy starting Monday after some reports that he is already preparing to retire from Alibaba, an internet giant.

Ma founded the Chinese tech behemoth way back in 1999. He informed the New York Times that he planned to retire and concentrate on philanthropy in education.

The e-commerce empire, that has a value of more than $400bn (£309bn). It covers a range of industries, such as cloud computing, online retail, artificial intelligence and logistics.

He is expected to continue to serve as a member of the board of directors of Alibaba.

It was reported by the South China Morning Post that Jack Ma would continue to act as the executive chairman. He cited a company spokesman, however, that a succession strategy would be revealed this coming Monday – his 54th birthday.

The firm bolstered its position as the largest online retailers in China last month. It revealed a revenue growth amounting to 61 percent for the three months ending 30 June.

Staying apace with the cloud growth of US rival Amazon, Alibaba posted an increase of 93 percent, in cloud revenue to 4.7bn yuan. It places its attention on huge data analytics and artificial intelligence.

While the plan of Ma to gradually step back is a milestone, analysts and industry professionals said that it was unlikely that his involvement would significantly change.

Meanwhile, its digital and media arm posted an increase of 46 percent in revenue to 6bn yuan.

It is now planings to merge Ele.me, its food delivery acquisition, with Koubei, its own replica service, and start to deliver Starbucks coffee to customers in a strategic partnership finalised with the chain.

Alibaba refused to comment regarding the matter. However, it pointed toward the SCMP story when asked regarding the plans of Ma.