Alibaba Group Holding Ltd has announced that Chief Executive Officer Daniel Zhang will succeed Jack Ma as chairman of the board, one year from today, on Sept 10, 2019.
China’s largest e-commerce firm said, co-founder Ma would continue as executive chairman of the company over the next 12 months to ensure a smooth transition of the chairmanship to Zhang.
“Ma will complete his current term as a member of Alibaba Group’s board of directors until its annual general meeting of shareholders in 2020.
“He is a lifetime partner in the Alibaba Partnership and is a member of its partnership committee,” said Alibaba in a statement.
The Alibaba Partnership currently comprised 36 partners who are also members of the senior management of Alibaba Group or its affiliates.
Pursuant to the articles of association of Alibaba Group, the Alibaba Partnership has the right to nominate a majority of the company’s board of directors.
Alibaba Group’s mission is to make it easy to do business anywhere and the company aimed to achieve sustainable growth for 102 years.
For the fiscal year ended March 2018, the company reported a revenue of US$39.9 billion.