On paper, Daniel Zhang, Alibaba's chief executive, will succeed the 55-year-old Ma as executive chairman, but Ma will remain a considerable force at the company
HONG KONG — Jack Ma formally retired Tuesday from Alibaba, the Chinese e-commerce giant he founded that helped transform the way hundreds of millions of people shop and made him one of the world’s richest men.
But despite the elaborate celebrations the company held Tuesday to commemorate his departure, Ma isn’t going far.
On paper, Daniel Zhang, Alibaba’s chief executive, will succeed the 55-year-old Ma as executive chairman. Ma has said he will devote his time to philanthropy, especially rural education.
“I’m not going to stop doing things,” he told a women’s entrepreneurship event in late August. “Alibaba is but one of my dreams. I’m still young.”
Alibaba on Tuesday evening celebrated Ma’s retirement — which also coincides with his birthday and the company’s 20th anniversary — with 80,000 of its employees in the Olympic Stadium in Hangzhou, the eastern city where the company has its headquarters. Plans included a parade of staff members in costumes, music and skits onstage, according to an Alibaba spokesman.
Ma, however, will remain a considerable force at the company. He is a lifetime member of the Alibaba Partnership, a group of a few dozen employees with tremendous power over the company’s board and leadership, as well as its bonus pool.
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