SHANGHAI: Alibaba Group chairman Jack Ma will step down from the Chinese firm on Tuesday , leaving his handpicked successor a daunting task of steering the US$460 billion juggernaut at a time when the market for its core e-commerce business has slowed sharply.
Jack Ma is a former English teacher whose often playful image shattered the stereotype of the drab Chinese executive. One of Zhang's major challenges will be finding new areas of growth as China's e-commerce sector matures, analysts said. China's online retail sales grew just 17.8 per cent in the first half of 2019, almost halving from the 32.4 per cent growth of the prior year, according to the national statistics office.The resignation plan announced by Ma last year was perceived as unusual as it is rare for a founder of such a big and transformative tech firm to retire this early.
After his resignation, Ma, China's richest man with a net worth of US$38.4 billion, according to Forbes, is set to spend more time on philanthropy and education. Yet he will remain a member of Alibaba's partnership, a corporate governing group of 38 individuals that is separate from the board of directors.
Its Taobao marketplace has been accused by overseas luxury goods sellers of being a haven for counterfeit products. It is on a US list of"notorious markets" for goods that infringe on American intellectual property, a main source of friction in an escalating trade war between Beijing and Washington.
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