GTB 737 banner
Jack Ma, Alibaba’s Chairman, Retires Today At 55

By GRANDNEWS on 10/09/2019

Share on facebook Yahoo mail icon Gmail icon

Views: 114

* Ma
* Ma

With Agency Reports

Jack Ma, the billionaire who ushered e-commerce into China, is officially stepping down as Alibaba's executive chairman on today, handing the role over to the company’s current CEO Daniel Zhang. He's celebrating his retirement with a big bash at an Olympic-sized stadium in the company's hometown of Hangzhou.

After two decades building Alibaba into a $460 billion business, Ma is now pivoting full time to philanthropy. He started the Jack Ma Foundation in 2014, and has cited the Bill and Melinda Gates Foundation as an inspiration for his charitable endeavors.

"Jack has been signaling for some time his interests in philanthropy, environment, women's empowerment, education and development," said Duncan Clark, the author of "Alibaba: The House That Jack Ma Built."

The eager teacher

"Before I'm 70 years old, I can do something in other fields, in areas like education," Ma said at an Alibaba event last September.

Ma announced his intention to resign a year ago. Even after stepping away from Alibaba's senior management and board, he is expected to continue to shape the company's future through his lifetime membership with the Alibaba Partnership, a group of 36 people that can nominate a majority of the directors to the board. He also retains a 6.22% share of the company.

A Communist Party member, Ma is China's most famous entrepreneur and — with a fortune of nearly $40 billion — the country's richest man.

But he's also a former English teacher, and has often talked about his passion for education. The date that Ma chose to formally step down, September 10, is Teachers' Day in China, "so there's some messaging in that," Clark said. It's also Ma's 55th birthday.

Ma referenced his previous career to explain why he was stepping down from his company.

"Teachers always want their students to exceed them, so the responsible thing ... for me and the company to do is to let younger, more talented people take over in leadership roles," Ma said last September.

Last year, Ma spoke about the challenges for the future of education at the World Economic Forum, warning that "if we do not change the way we teach, 30 years later we will be in trouble."

The current knowledge-based approach of teaching will "fail our kids" who will never be able to compete with machines, Ma said. Children should be taught "soft skills" like independent thinking, values and teamwork, he added.

In 2017, Ma's foundation pledged $45 million over 10 years to help discover and cultivate future teaching talent in rural China.

Ma has also taken his teaching beyond China to other emerging markets, according to Clark.

The tech tycoon has been "sharing his perspectives and experience in business in places like Africa," Clark said, where he has established a $10 million entrepreneurial prize. Ma has also funded wildlife protection initiatives and developed good relations with African leaders like Paul Kagame in Rwanda.

Supporting women

Ma and Alibaba have hosted a biennial conference in China on women and entrepreneurship since 2015. The events have drawn names such as Arianna Huffington and Vera Wang. This year's conference included a video message from Rihanna.

"Women have always played an integral role in Alibaba since its establishment two decades ago," Ma said at the conference last month, according to a report published by the company's news site Alizila.

Ma said that gender equality is one of the most-important issues in the 21st century, noting that "if you want your business to succeed, it is critical to appoint enough female leaders." Nearly half of Alibaba's senior management team are women.

Leaving 'on a high'

Ma was honored by the Chinese government last November as one of 100 people who had made "outstanding contributions" to China's economic transformation in the past four decades. The event was reported by the People's Daily, the official newspaper of the ruling Communist Party, which ousted Ma as a member.

The revelation came amid rising concern over the tighter grip being exerted on China's private sector by the Communist Party under President Xi Jinping.

Ma is stepping away from Alibaba at a relatively young age. He has said in the past that he wants to retire earlier than Bill Gates, who stepped down as chairman of Microsoft at the age of 58 in 2014.

Some people have linked the timing of Ma's decision to the Chinese government's increasing restrictions on internet companies. But Ma denied that Beijing was forcing him out when he spoke at the Alibaba event last September.

(CNN.Com)

Source GRANDNEWS

Posted 10/09/2019 08:39:17 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
South-West PDP Accepts SGF Slot, Asks For More...

MTN’s suit against FG, CBN to December 4...

Senator Ndume resumes today

Don urges FG to provide enabling environment for...

Spain insists on bomb sale to Saudi

Nigeria Now Has 67 Political Parties

FG puts total disbursement of Paris Club refund...

Monkey Pox: Bayelsa bans immunization in schools

Buhari inaugurates CCB chairman, NPC members

Shehu Sani shops for new party, dumps APC...

Suge Knight bags 28 years jail sentence for...

Restructuring Nigeria: Decentralisation for National Cohesion, By Ohanaeze...

 

Trending News Alaibe A Brother, Political Ally - Diri *Says APC Stands No Chance If INEC Remains Unbiased Rekindle Public Confidence In Judiciary, Okowa Urges Judicial Service Commission Health Sector: Okowa A Trail Blazer, Says Minister Jack Ma, Alibaba’s Chairman, Retires Today At 55 Police To Shi’ite: No To Procession • Say Activities Banned Job Creation: Delta Set To Commence 2019/2020 Programme Cycle CERTIFICATE SAGA: Vacate Office Now, PDP Tells Buhari INSECURITY: Three North West States Sign MOU With Niger Republic Delta Central: Oboro Rejects Judgment, Faults Tribunal’s Refusal To Make Judgment Copy Available For Appeal 5TH NYG: Bring Back The Trophy, Okowa Tells Team Delta Xenophobia: SERAP Seeks $10b Compensation For Victims U.S. court discharges NNPC of $2.7bn debt to ESSO

 

Most Read Asaba Masacre: Indigenes recall sad experience, warn IPOB against drums of war (339,277 views) Asaba Genocide : Soyinka, Kukah, Duke, others to speak at colloquium * Organisers roll out projects to immortalise victims. (337,364 views) Delta LG polls holds Jan. 6, 2018 (336,993 views) Bayelsa @ 21: Dickson calls for renewed hope (336,259 views) NIGERIA @ 57: Rededicate yourselves to Nigeria’s growth, Okowa tells elite (335,873 views) The Vagabonds Of Sambisa (3,008 views) BREAKING : Obiano wins Anambra governorship election (2,728 views) UNBELIEVABLE : Ghost Companies Lift N1.1tr Crude Oil In 10 Months (2,622 views) One On One Session With Atiku Abubakar, GCON (2,614 views) Glo-sponsored Onitsha Ofala Festival Begins (2,527 views) RUSSIA 2018: Nigeria in ‘trouble’ (2,409 views) Bayelsa : The Push for Transparency & Accountability (2,342 views)

 

SECTIONS News (853) Breaking News (16) Business & Economy (320) Politics & Policy (575) Niger Delta (252) Interviews (2) Sports (185) Entertainment (51) Stock & Forex Watch (0) Foreign (214) Sound Bite (3) Health (39) Editorials (1) Columnists (4) Letters (1) Opinions (25) Cartoons (0)

 

 

Rochas Okorochas Declare War On Buhari, Tinubu & Oshiomohole

 

APO Group Partner