Tuesday, 16 October, 2018

Chinese billionaire Jack Ma confirms exit at Alibaba, announces successor

Andrew Burton  Getty Images Andrew Burton Getty Images
Orlando Vargas | 10 September, 2018, 13:07

Alibaba co-founder and chairman Jack Ma will step down as head of the e-commerce giant on September 10, 2019, the company said on Monday.

The company announced Monday that Ma will be succeeded by Daniel Zhang, the company's CEO.

Ma said that after he steps down from his current roles he will continue to mentor management as part of the "Alibaba Partnership", a 36-member group of core company managers.

Founded in 1999 by Chinese teacher-turned-entrepreneur Jack Ma, as a platform to connect Chinese manufacturers with the world, Alibaba stands among one of the largest companies in the world.

Mr Ma gave up the title of Alibaba CEO in 2013 but remains a pivotal figure within the company as well as its most recognisable face.

According to Ma, a "sustainable Alibaba" would have to be built on "sound governance, culture-centric philosophy, and consistency in developing talent", adding that no company can rely exclusively on its founders.

He said Mr Zhang, who has been with Alibaba for eleven years, had demonstrated "superb talent" since taking over as chief executive. "There's a lot of things I can learn from Bill Gates".

Dallas Cop Charged After Killing Man In Apartment She Thought Was Hers
Further details surrounding the death of Botham Shem Jean , a 26-year-old native of the Caribbean island of St. Ms Jean said over the weekend. "This world has lost a light in the dark", Ray said of his colleague's death.


Falcons-Eagles Thursday night opener delayed by severe weather in Philadelphia
Only Philly fans could boo their team off the field in the first half of a game in which the team just raised a Super Bowl banner. Prior to kicking off the National Football League season, the Eagles celebrated the accomplishments of 2017 one last time.


Upstart Ayanna Pressley Beats Incumbent In Massachusetts Congressional Primary
Elsewhere on the ballot, Secretary of State William Galvin fought off a challenge from Boston City Councilor Josh Zakim. She added: "Change is coming and the future belongs to all of us".


Mr. Zhang had previously served as Taobao's chief financial officer, president of Tmall.com and as Alibaba's chief operating officer before succeeding Jonathan Lu as chief executive. Ma said that over the years, the company has experimented with and improved on the right balance between systems and individuals.

Alibaba now has more than 66,000 full-time employees and a market value of about $420bn. He also intends to stay on the Alibaba board of directors until the 2020 annual shareholders meeting.

He is also known for his eccentric personality and has donned wigs and costumes to perform highly choreographed pop routines at company events.

With no background in computing, Mr Ma co-founded Alibaba in his apartment almost two decades ago, having convinced a group of friends to invest in his online marketplace. A year ago he starred alongside Chinese action star Jet Li in a short kung fu film. He has also established a scholarship program in Newcastle, Australia.

"The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba".

He said, "Starting the process of passing the Alibaba torch to Daniel and his team is the right decision at the right time because I know from working with them that they are ready, and I have complete confidence in our next generation of leaders."

Alibaba also has investments in sports content, microchips and facial recognition technology and has been positioning itself as a serious player in cloud computing.

Recommended

  • Aaron Rodgers returns to lead Pack to win against Bears

    Aaron Rodgers returns to lead Pack to win against Bears

    Trubisky called his own number on an option and scored the first touchdown of the Nagy era on a two-yard run to make it 7-0. The Packers' defence, in new co-ordinator Mike Pettine's first game, held the Bears to two field goals in the second half.
    Trump fires back at Apple: Make your products in US

    Trump fires back at Apple: Make your products in US

    Apple continued that the tariff list " covers a wide range of Apple products and the products used in our USA operations". The US imported $505 billion of goods from China last year and the figure is expected to rise this year.
    North Korea uses 70th anniversary to push economy, not nukes

    North Korea uses 70th anniversary to push economy, not nukes

    Pyongyang brought the world terrifyingly close to war a year ago as Kim fired missile after missile and detonated a hydrogen bomb. President Trump also praised his own leadership by saying communication with Kim is "much better than before" he took office.
  • Florence becomes hurricane again, expected to rapidly intensify: NHC

    Florence becomes hurricane again, expected to rapidly intensify: NHC

    Henry McMaster declared a state of emergency Saturday to give his state time to prepare for the possible arrival of the storm. Forecasters urged residents from SC to the mid-Atlantic to get ready — and not just for a direct blow.
    Woodward: Draft Trump tweet alarmed Pentagon officials

    Woodward: Draft Trump tweet alarmed Pentagon officials

    Mattis appeared to agree with Trump and then told other national security officials to disregard the proposal, Woodward reported. Asked if he would take any action against the Times , Trump says "we're going to see, I'm looking at that right now".
    Trump open to Russian Federation  probe interview 'under certain circumstances'

    Trump open to Russian Federation probe interview 'under certain circumstances'

    However, Giuliani said there is still debate over whether the questions will include topics over possible obstruction of justice. Mueller, his lawyers have been far more reluctant to make him available for an interview and have questioned whether Mr.
  • Midterms'a chance to restore sanity - Obama

    Midterms'a chance to restore sanity - Obama

    It was clear in the audience, however, that most attendees believed Trump was the biggest threat. The speech called for citizens to take it upon themselves to "do it differently".
    Hawaii on edge again as Hurricane Olivia heads for the islands

    Hawaii on edge again as Hurricane Olivia heads for the islands

    Since the track seems to be dependent on the intensity at long range, this isn't a particularly confident forecast. Hurricane Olivia was expected to weaken to a tropical storm before making landfall on Hawaii.
    Real-time reaction: Watch Nike's Kaepernick ad expose a generational divide

    Real-time reaction: Watch Nike's Kaepernick ad expose a generational divide

    Some fans responded to Kaepernick's sponsorship deal by cutting or burning gear with Nike's signature swoosh logo. The ad refers to Mr Kaepernick's loss of National Football League income with the quote: "Believe in something".
  • Seven injured in Paris knife attack, terrorism not suspected

    Seven injured in Paris knife attack, terrorism not suspected

    A source told Reuters that a man was detained in connection with the attack, which was not suspected to be linked to terrorism. Two British tourists were among those injured, broadcaster BFMTV and Le Parisien newspaper reported.
    Packers' Aaron Rodgers injured, leaves games on cart

    Packers' Aaron Rodgers injured, leaves games on cart

    It marks the fifth-straight time the Bears have lost to the Packers and the fifth-straight opening game loss for the team. Until then, relive tonight's madness with the top reactions of the night by way of your trusty Twitter community.
    Nadal and Thiem quarterfinal match should be a dandy one

    Nadal and Thiem quarterfinal match should be a dandy one

    If ever there was a reminder that fans should appreciate the game's largest figures while they can, Tuesday night at the U.S. Williams reached her 36th Grand Slam semifinal and her 12th at Flushing Meadows, where she is a six-time champion.

Paul Pogba: Manchester United exit reports 'will always be just rumours' Paul Pogba: Manchester United exit reports 'will always be just rumours' Manchester United is a great club and will always be great. "I have a very good relationship with the coach [Didier Deschamps]". 'I'm under contract, ' said Pogba. "But it's not me who is talking".

Serena Williams fined $17K for rules violations at US Open Serena Williams fined $17K for rules violations at US Open Osaka won the final but her victory was overshadowed by the on-court drama and booing of officials during the trophy ceremony. The point penalty was followed by a game penalty, after Williams confronted Ramos, and labelled him a "thief".

Kaepernick sends message to only remaining anthem kneelers Kaepernick sends message to only remaining anthem kneelers Trump has repeatedly slammed the protests as misdirected and unpatriotic, and has suggested that protesting players be fired. According to Miami Herald , the pair have said they plan to do protest throughout the season unless change is made.

Swedish election deadlock as far-right party makes gains Swedish election deadlock as far-right party makes gains The process of forming a stable government out of the deadlocked parliament could take weeks and, potentially, end in failure. He said the election result marked "the death of bloc politics" in Sweden.

A win for humanity: SC's landmark verdict finally decriminalises Section 377 A win for humanity: SC's landmark verdict finally decriminalises Section 377 In the National Capital 183 cases were registered under Section 377 while in Maharashtra 170 such cases were lodged by the police. "There are other judgments which do not regard this right "to be that I am" as something that is immutable", he said .

Everything That Happened This Week In The Trump-Russia Story Everything That Happened This Week In The Trump-Russia Story One of the biggest mysteries in the whole Russian Federation collusion investigation is who the Maltese professor was working for. And, the prosecutors add, Papadopoulos has been hard for them to handle since he was arrested in July 2017.

Bears LBs Khalil Mack, Roquan Smith Ready For Roles Against Packers Bears LBs Khalil Mack, Roquan Smith Ready For Roles Against Packers Mack, less than a half into his Bears tenure, had just sauntered into the end zone after intercepting DeShone Kizer . He sat out nine games during the 2017 season due to a broken collarbone.

Ex-Cowboys RB Joseph Randle Reportedly Arrested For Rape Ex-Cowboys RB Joseph Randle Reportedly Arrested For Rape He received six months of probation in 2015 after getting arrested for shoplifting the year before, NBC News reports. He was released from the team in November 2015 and suspended by the National Football League for violating conduct.

Novak Djokovic Wins the U.S. Open Novak Djokovic Wins the U.S. Open Now he finds himself on the cusp of his 14th Grand Slam title heading into Sunday's men's final at Arthur Ashe Stadium. Backed by his singing boys, Del Potro roared back in the set by breaking Djokovic to go back on serve. "He's my idol.

Victoria Azarenka hits out at 'grey areas' in Serena Williams coaching violation Victoria Azarenka hits out at 'grey areas' in Serena Williams coaching violation Later, Williams , also in tears, praised Osaka , stating, "I don't want to do questions". Serena Williams thought she was treated more harshly by the chair umpire in the U.S.

CBS board in negotiations for CEO Moonves exit from the company CBS board in negotiations for CEO Moonves exit from the company CBS has appointed two law firms to investigate Moonves for sexual misconduct allegations stemming from a July New Yorker article. Media company CBS's board has reportedly offered chief executive officer Les Moonves a US$100 million exit package.

Top players back for Denmark after truce in contract dispute Top players back for Denmark after truce in contract dispute Neither Eriksen , nor Schmeichel , nor Kjaer . nor a single elite footballer. After lengthy negotiations , both parties agreed a temporary resolution.

Watergate's Woodward Says Times Trump Op-ed Not up to His Standards Watergate's Woodward Says Times Trump Op-ed Not up to His Standards Trump, appearing at an unrelated event Wednesday at the White House, lashed out at the Times for publishing the op-ed. In a paragraph praising the late Arizona Sen. "To the writer of the op-ed, you are not protecting this country".

Google Officially Sends Out Invites To October 9 Hardware Event Google Officially Sends Out Invites To October 9 Hardware Event The search giant has already started sending press invites for the launch event which is due to be held in New York City. The Pixel 3 and Pixel 3 XL are no longer a secret, but Google has actually not yet officially confirmed the smartphones.

British prosecutors to charge two Russians in United Kingdom nerve agent attack British prosecutors to charge two Russians in United Kingdom  nerve agent attack Police say the Russians then approached Skripal's house and applied the novichok nerve agent to the door handle. They left Salisbury less than two hours later and arrived back in London at eight o'clock that night.