Wednesday, 19 September 2018 | 19:55 WIB

Jack Ma Appoints Daniel Zhang to Replace Himself on Alibaba

CEO Daniel Zhang will replace Jack Ma as chairman of the Alibaba Group.

JAKARTA, NNC - Alibaba Group Holding Limited announced on Monday (9/10/2018) that a year from now on September 10, 2019, CEO Daniel Zhang will replace Jack Ma as chairman of the Alibaba Group.

In his press statement on Monday (9/10), Ma will remain in office as chairman of the company for the next 12 months to ensure the leadership transition goes smoothly to Zhang.

The Chinese e-commerce figure who attended the closing of the 2018 Asian Games will complete his current position as chairman of Alibaba Group's board of directors until the annual shareholders' meeting in 2020.

Ma himself welcomed the news about the prospective successor through a letter that was included in the press release reported by alizila.com.

"I'm happy to share some news with you: with the approval of our board of directors, a year from now on September 10, 2019 which also coincides with Alibaba's 20th anniversary, CEO Daniel Zhang will replace me as chairman of the Alibaba Group's board of directors. In the coming 12 years, I will work more closely with Daniel to ensure the transition is smooth and successful, so I will remain on Alibaba's board of directors until our shareholders general meeting in 2020," wrote Jack Ma.

Ma further explained that this transition shows Alibaba has risen to the next level of corporate governance of companies that depend on one individual, becoming a corporation built on a perfect organizational system and a culture of employee development.

"We have considered this 10 years ago - how Alibaba can achieve sustainable growth after Jack Ma left? We believe the only way to complete the succession of the company's leadership is to build a unique culture based management system and a mechanism to develop employees and "A consistent successor. For the last 10 years, we have worked on this formula," Jack Ma said in the letter, as reported by Antara.