Alibaba has announced the retirement of Co-Founder and Chairman of the Board Jack Ma, effective Sept. 10, 2019. He will be succeeded by CEO Daniel Zhang.
Ma will remain on the Board of Directors until the retail giant’s annual general meeting of shareholders in 2020. He also plans to continue in his role with the Alibaba Partnership, a group of 36 senior leaders who reserve the right to nominate a majority of members to Alibaba’s board.
“Those who know me know that I do not like to sit idle,” said Ma in a statement. “I plan on continuing my role as the founding partner in the Alibaba Partnership and contribute to the work of the partnership.”
Zhang was named CEO of Alibaba in 2015. He joined the company in August 2007 as the CFO of Taobao Marketplace, and was named COO of Alibaba in September 2013.
“Under [Zhang’s] stewardship, Alibaba has seen consistent and sustainable growth for 13 consecutive quarters,” said Ma. “His analytical mind is unparalleled, he holds dear our mission and vision, he embraces responsibility with passion, and he has the guts to innovate and test creative business models.”