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Alibaba Chairman Resigns
  ·  2019-09-16  ·   Source: NO. 38 SEPTEMBER 19, 2019
Jack Ma

Jack Ma stepped down as chairman of Alibaba Group Holding Ltd. on September 10, one year after he announced plans to hand over the $500-billion business he built to trusted partners.

This happened on the same day as the Internet giant celebrated its 20th anniversary and Ma turned 55.

Ma, a once obscure English language teacher, co-founded Alibaba, which has revolutionized shopping habits, payment channels and leisure entertainment in China, with 17 partners in an apartment in Hangzhou, east China's Zhejiang Province.

Alibaba said Ma will remain on the board of directors until 2020 and in the Alibaba Partnership. Previously, Ma said he would devote more time and energy to education and philanthropy upon his resignation as Alibaba chairman.

Taking the helm is 47-year-old Daniel Zhang, who has been acting as CEO since 2015, and is commonly regarded as the man behind what is now the world's largest online shopping extravaganza on every November 11, also known as Singles' Day.

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