JAKARTA, NNC - Alibaba Group Holding Ltd announced today that a year from now, September 10 2019, CEO Daniel Zhang will replace Jack Ma as Alibaba Group CEO.
In a press statement on Monday, Ma will continue to serve as chief executive of the company for the next 12 months to ensure smooth leadership transition for Zhang.
Ma, who attended the Asian Games 2018 closing ceremony, will end his current position as chairman of the Alibaba Group board of directors until the annual shareholders' meeting in 2020.
Ma welcomes the good news on his successor through a letter included in a press statement reported by alizila.com.
"I am excited to share some news with you: with the approval of our board of directors, one year from today on September 10, 2019 which also falls on Alibaba’s 20th anniversary, Group CEO Daniel Zhang will succeed me as chairman of the board of Alibaba Group. While remaining as executive chairman in the next 12 months, I will work closely with Daniel to ensure a smooth and successful transition. Thereafter, I will stay on the Alibaba board of directors until our annual shareholders meeting in 2020."
"We asked ourselves this question 10 years ago – how could Alibaba achieve sustainable growth after Jack Ma leaves the company? We believed the only way to solve the problem of corporate leadership succession was to develop a system of governance based on a unique culture and mechanisms for developing consistent talent and successors. For the last 10 years, we kept working on these ingredients," Jack Ma wrote, citing Antara.