Exclusive | Jack Ma to unveil Alibaba’s succession plan, paving the way for younger talent to take over
Ma will remain executive chairman while the plan is carried out. A New York Times report that said he was “stepping down” to “retire” was out of context, and factually wrong, an Alibaba spokesman said
Jack Ma, who co-founded the world’s largest e-commerce platform, will unveil a succession strategy next week, part of a management plan 10 years in the making for grooming a generation of younger executives to take over the reins of Asia’s most valuable company.
Ma, the executive chairman of Alibaba Group Holding and public face of the technology juggernaut, will unveil the plan on September 10 on his 54th birthday.
An Alibaba spokesman said Ma remains the company’s executive chairman and will provide transition plans over a significant period of time, contrary to a New York Times article that said he was “stepping down” to “retire.” The Times story was taken out of context, and factually wrong, the spokesman said.
According to Alibaba’s annual report filed with the US Securities and Exchange Commission, Ma is a lifetime member of the Alibaba Partnership, a group of 36 senior managers who are responsible for maintaining the mission and culture of Alibaba.
“I sat down with our senior executives 10 years ago, and asked what Alibaba would do without me,” Ma said in an interview with the South China Morning Post, which Alibaba owns. “I’m very proud that Alibaba now has the structure, corporate culture, governance and system for grooming talent that allows me to step away without causing disruption.”
Known as Ma Yun in mainland China, he is scheduled to be in Russia next week to formalise Alibaba’s venture with Mail.ru, the internet company owned by Russian tycoon Alisher Usmanov and sovereign wealth fund Russian Direct Investment Fund (RDIF). Ma will also speak at the company’s investor’s day in mid September.
