HW English
Business & Finance International

Jack Ma steps down from Alibaba group on his 55th birthday

Jack Ma

Jack MA will remain a member of the Alibaba Partnership- a 36-member group having the right to nominate a majority of the company’s board of directors.

 

New Delhi| The Chinese Billionaire and founder chairman of Alibaba group, the world’s biggest E-Commerce company stepped down. His decision came as he turned 55 years old today. He had announced his succession almost a year ago. While he may not be the executive chairman of the company anymore, he will remain a member of the Alibaba Partnership which is a 36-member group having the right to nominate a majority of the company’s board of directors.

A former English teacher, Jack Ma founded Alibaba group in 1999 and since then he has never looked back. His company was pivotal in bringing the online retail boom to the world’s biggest marketplace China.

Jack Ma was declared Asia’s richest person in 2016. In 2018, however, Mukesh Ambani took over with wealth worth $47.4 billion, according to a Bloomberg ranking of the world’s 500 wealthiest individuals.

Related posts

Market starts on a volatile note as US-China trade war concerns rise

PTI

Mexican drug lord ‘El Chapo’ found guilty by New York jury

PTI

UK seeks further Brexit extension until June 30

PTI