Alibaba appoints Daniel Zhang to succeed Jack Ma as chairman in 12-month succession plan.
Ma, the co-founder of Asia’s most valuable company and one of China’s most recognisable names, will remain Alibaba’s executive chairman for 12 months until September 10, 2019
Jack Ma will hand over the keys of Asia’s most valuable company to Alibaba Group Holding’s chief executive officer, in an unprecedented succession plan that will slowly take the focus off one of China’s most recognisable corporate names over the next 12 months.
Under the plan, Daniel Zhang will be promoted to executive chairman on September 10, 2019, while Ma remains a director on Alibaba’s board and a permanent member of the Alibaba Partnership, according to a letter to all staff including the South China Morning Post, wholly owned by the Hangzhou-based company.
Ma said he would remain Alibaba’s executive chairman during the year-long period to ensure a “smooth and successful” transition, and stay on as an Alibaba director until a shareholders’ meeting in 2020.
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