Jack Ma steps down as Alibaba’s Chairman

Jack Ma steps down as Alibaba’s Chairman
Jack Ma (File)
Beijing, Sep 10 (IANS) | Publish Date: 9/10/2019 11:48:50 AM IST

Alibaba co-founder Jack Ma is stepping down as Chairman of the multi-billion dollar e-commerce behemoth on Tuesday as the company celebrates its 20th anniversary.

Ma, who turned 55 on Tuesday, announced last year that he would retire within a year, with the company CEO Daniel Zhang taking over as the Chairman of the board. Ma resigned as Alibaba’s CEO on May 10, 2013. 

Founded in 1999 in an underground garage, Alibaba has grown into one of the world’s most profitable companies. Ma returned to Hupan Garden, the birthplace of Alibaba, on the eve of the company’s 20th anniversary.

Alibaba’s success did not come without doubts and setbacks. In 2000, Alibaba started to recruit workers.

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