Jack Ma Officially Steps Down as Alibaba's Chairman

Jack Ma Officially Steps Down as Alibaba's Chairman

China's largest e-commerce company, led until this week by legendary entrepreneur Jack Ma, has announced six core values on Tuesday. His departure marks the completion of his plan to pass the reigns of the company onto a successor.

Ma returned to Hupan Garden, the birthplace of Alibaba, on the eve of the company's 20th anniversary.

Ma's retirement announcement past year sparked off speculation that he may be stepping down due to prevailing business environment in China.

"The value of life should be seen in what a man has experienced and not in what he has received", Ma said, noting that he is not "retiring" but to spend more time and energy on education, philanthropy and environmental protection.

Ma had made the surprise announcement of retirement a year ago, sending shockwaves in his company as well as business circles of the world's second largest economy.

Ma had previously scaled down his role in Alibaba by stepping down as CEO in 2013, staying with the conglomerate in the capacity of executive chairman to develop strategies and talent, as well as work on its "social responsibilities" efforts.

He announced his retirement a year ago to spend more time on his philanthropy and educational activities.

This move has been coming for a year - Ma took the opportunity of 2018's Teachers' Day, an annual celebration of educational professionals, to announce his decision.

House panel to take formal steps on Trump impeachment probe next week
The House Judiciary Committee is preparing to vote to formally define an impeachment inquiry into President Trump. Pence's two-night stay at the Doonbeg resort, which was 180 miles away from scheduled meetings in Dublin.

Jack Ma, the founder of Chinese ecommerce giant Alibaba, has officially retired at the age of 55.

Ma referenced his previous teaching career to explain why he wanted to step down from his company.

Jack Ma also holds a 6.22 percent stake in the company.

In a quote, which went viral around the world, Ma said he would rather die at a beach than his work table at Alibaba.

Alibaba's deputy chairman, Joe Tsai, told reporters in May the company is "on the right side" of issues in U.S. In March 2018, Zuckerberg said that "one of the biggest mistakes" of Facebook was not digging deeper into the Cambridge Analytica scandal.

The Hangzhou native, a former English teacher, said he had been preparing for this moment for 10 years, and he called on businesses to truly embrace sustainable development, inclusiveness and altruism, the three biggest factors for a successful business.

Last month, Alibaba reported a strong revenue growth in the first quarter of the 2020 fiscal year ending June 30, with a 42 percent year-on-year increase to 114.9 billion yuan and a 30.95-billion-yuan net profit, up 54 percent compared with the same period of the previous year.

The company's US$25 billion initial public offering on the New York Stock Exchange in September 2014 was the biggest to date by a Chinese company.

Related News:

  • British Airline pilots begin strike, flights cancelled

    British Airline pilots begin strike, flights cancelled

    The airline apologised for the cancellations and said that it had no information about which pilots would strike. British Airways has advised that if a flight is cancelled that passengers should not go to the airport.
    Green Day, Fall Out Boy and Weezer announce huge joint Dublin gig

    Green Day, Fall Out Boy and Weezer announce huge joint Dublin gig

    The tour will begin in Europe, starting June 13 in Paris and ending June 29 in Dublin. You can also find the full itinerary for the " Hella Mega Tour " below.
    Introducing the Apple Watch Series 5

    Introducing the Apple Watch Series 5

    Apple Inc. showed off updated Apple Watch models that come in new ceramic and titanium cases and a new always-on screen. While the Series 4 gets discontinued, the Apple Watch Series 3 remain in Apple's lineup as well, now with a new price.
  • Rocket blast at US Embassy in Kabul on 9/11 anniversary

    Rocket blast at US Embassy in Kabul on 9/11 anniversary

    Inside the embassy, employees heard this message over the loudspeaker: "An explosion caused by a rocket has occurred on compound". But it has come just a day after the Taliban pledged to retaliate after US President Donald Trump ended the peace talks abruptly.
    Ellen DeGeneres fed baby Archie on her summer vacation

    Ellen DeGeneres fed baby Archie on her summer vacation

    Whether she's holding baby Archie or going on a holiday, it seems like she can't do anything without being criticised for it. Ellen also revealed that she and wife Portia De Rossi spoke with Meghan and Harry about the conservation work they're doing.
    Disturbance in the Atlantic expected to bring heavy rainfall to Bahamas, Florida

    Disturbance in the Atlantic expected to bring heavy rainfall to Bahamas, Florida

    The Bahamas was just hit last week by Hurricane Dorian, which made landfall as a catastrophic Category 5 storm. For about 10 days, Hurricane Dorian has been making headlines in the news and it continues to cause damage.
  • John Bercow: Speaker at centre of Brexit debate to step down

    John Bercow: Speaker at centre of Brexit debate to step down

    His announcement was greeted with applause from all sides of the legislature, and a standing ovation from opposition benches. Mr Bercow announced on Monday he would stand down on October 31, the day the United Kingdom leaves the EU.
    United Nations  atomic watchdog confirms Iran installing advanced centrifuges

    United Nations atomic watchdog confirms Iran installing advanced centrifuges

    On Friday Iran's Atomic Energy Authority upped the stakes further by saying it had started lifting restrictions imposed on its nuclear research by the 2015 deal.

    Apple Watch Series 5 Will Feature an Always-On Display & New Finishes

    The Apple Watch Series 5 will be available in aluminum and stainless steel finishes as well as new titanium and ceramic models. It will feature an always-on display, a built in compass and the cellular models will have global emergency calling.
  • Red Sox fire president of baseball operations

    Red Sox fire president of baseball operations

    Join these TV discussions on our forum! "A search for the next baseball operations leader will begin immediately". But, he gave me a chance to come here and be a big league manager. "It's one of those things that caught me.
    North Korea says it's willing to talk with USA , and launches projectile

    North Korea says it's willing to talk with USA , and launches projectile

    South Korea's military called on the North to "immediately stop" actions that heighten tensions on the Korean peninsula. No further particulars had been promptly available but it was the hottest in a sequence of provocations.
    Air Force disputes Alaska crew favored Trump Scottish hotel

    Air Force disputes Alaska crew favored Trump Scottish hotel

    The debt-ridden airport has been fighting off closure and is said to be integral to the Trump business, which is also running at a loss.


Most liked

Wendy’s to take another shot at breakfast
Wendy's has over 6,000 stores across the country, and adding several new menu options is expected to be an expensive endeavor. Todd Penegor, Wendy's president and CEO, told CNN that the breakfast rollout "provides incredible growth opportunities".

Brexit: Labour deputy Tom Watson calls for referendum ahead of election
But a general election is extremely unlikely until at least mid-November because of Mr Johnson's suspension of Parliament. The speaker of the House of Commons, John Bercow, called Johnson´s tactic a "constitutional outrage", according to CNN.

Broncos' strategies backfire in dud of season opener
Eventually, Brown's antics and the questions about them got to be too much and he just needed cancer removed. Carr completed 22 of 26 passes for 259 yards and wasn't sacked once after going down 51 times past year .

Research By Movemeber Reveals Men's Mental Health At Work A Problem
However, suicide deaths by females under 25 saw a considerable rise, reaching the highest rate on record for their age group. The need to create facilitated referral pathways and understand more about restricting access to means was recognised.

Asteroid bought an end to the dinosaurs, crater rocks show
Within one day, 130 meters (425 feet) of material was deposited within the crater - among the highest in the geological record. Researchers estimate the asteroid hit with the equivalent power of 10 billion atomic bombs of the size used in World War II .

Man Asleep At Wheel As Self-Driving Tesla Speeds At 90 Kmph
At highway speeds, drivers typically receive warning every 30 seconds or less if their hands aren't detected on the wheel".

Ashura stampede leaves at least 31 dead
It took place during the so-called "Twireej" run, which is when tens of thousands of people run toward the shrine around noon. Hussein's martyrdom was a key event in the unfolding schism between Sunni and Shia Muslims.

US defense key in win against Giannis, Greece
The two competed against each other as members of the Celtics and Milwaukee Bucks in the playoffs the past two years. The team lost to Brazil 93-92 on Tuesday despite 13 points from Antetokounmpo, who won the NBA MVP in June 2019 .

Redskins must adjust better after deflating loss to Eagles
Last year, his first season with Washington , Peterson rushed for 1,042 yards and was voted the team's offensive MVP. Smallwood figures to get the majority of time on the active roster when three running backs are active.

Nadal wins epic five-set US Open
A win today would lift him to a 19th career major title, pulling within one of Roger Federer atop the all-time leaderboard. Nobody has had more success in Australia than seven-time champ Djokovic , who is still in the mix with 16 Slams.

Apple sets price for Apple TV+, shows off new iPhone 11 Pro
The cameras will also be able to capture 4k video at 60fps across both cameras (i.e. including the wide-capture camera). But everyone still stubbornly insists that laptops offer far greater flexibility and the user interface is better.

Britain accuses Iran of oil tanker 'breach'
The ship was photographed off the coast of on Friday and is believed to have been carrying 2.1 million barrels of Iranian crude oil.

Pennsylvania Couple Spends $120K That Was Accidentally Put in Their Bank Account
Back in June, one Montoursville, Pennsylvania, couple apparently found themselves in that predicament, the Sun-Gazette reports . The two were arrested and are now out on $25,000 bail. "I don't even know what's going on", the father said.

Marvel's Hawkeye Disney+ Show Will Be Written by Ex-Mad Men Scribe
Also in 2018, she lent her voice to Gwen Stacy/Spider-Gwen in Sony's hit animated adventure, Spider-Man: Into The Spider-Verse. Haliee Steinfeld has previously starred in major blockbuster movies like Pitch Perfect and the Transformers movie, Bumblebee .

Huawei drops lawsuit after U.S. agrees to return seized equipment
He said the company spent $11 billion on USA supplies past year and an estimated 40,000 U.S.jobs depend on its business. Huawei auxiliary, helped start CNEX in 2013 three days in the wake of leaving the organization.