Alibaba's Jack Ma to be succeeded by CEO Daniel Zhang next year

Jack Ma's Message to Alibaba Employees Have Right Balance Between System People Culture

He appointed Zhang CEO only in 2015, after which the Shanghai-educated certified account set in motion a plan to buy up and transform brick-and-mortar retailers: a so-called "New Retail" vision that's cost billions of dollars and taken Alibaba deep into the realm of physical stores.

"The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba", Ma concludes in his letter.

According to Ma, a "sustainable Alibaba" would have to be built on "sound governance, culture-centric philosophy, and consistency in developing talent", adding that no company can rely exclusively on its founders. Recently, Ma has been taking full advantage of his fame, belting out "Unchained Melody" at a Chinese music festival, doing his best Michael Jackson impression at Alibaba's birthday bash a year ago, and even starring in his own kung-fu flick alongside the likes of Jet Li and Donnie Yen.

The frenzy of online spending, which takes place on November 11, generates bigger sales than Black Friday and Cyber Monday combined.

The opportunities are huge for the current $35 billion Indian e-commerce sector which would be worth over $100 billion by 2022 - with a growth of around 25 per cent from the current level - a joint PwC-Nasscom report said on Friday. Since his ascension, the Shanghai-educated executive has proven a capable operator, designing and pulling off mega-events such as the annual Singles' Day shopping bonanza.

7 injured in Paris knife attack; terrorism not suspected
It is the latest of several knife attacks France has seen in recent months, with terrorism being ruled out in most cases. A man has been arrested in connection with an attack in Paris last night, in which seven people were injured.


Zhang's promotion is likely to mean continuity in business, but it will bring a change in leadership style.

Last year, he made his acting debut with his first kung fu short film Gong Shou Dao, in which he sparred with martial arts master Jet Li.

"I've prepared a Jack Ma Foundation", he said.

Zhang has admitted as much himself.

"There isn't a face or name more recognizable globally that represents the rise of China's internet and its consumers than Jack Ma", said Tanner.

Trump Campaign Adviser George Papadopoulos Gets 14 Days in Jail
But the tweet illustrated how closely the President and his team were following the sentencing hearing today in Washington. However, they wrote, the claim that his lies harmed the investigation are "speculative and contrary to the evidence".


Alibaba has been working toward this transition for a decade, as part of its lofty goal of being a company that can last for more than 100 years, Ma said.

At 46, the younger executive is still willing to experiment, though.

"This transition demonstrates that Alibaba has stepped up to the next level of corporate governance from a company that relies on individuals, to one built on systems of organizational excellence and a culture of talent development", Ma said in his letter. To realize the dream behind this mission requires participation by a lot more people than just Jack Ma and persistent effort by generations of Aliren.

Zhang arrived at Alibaba in 2007 as the finance chief of the company's Taobao Marketplace, which he helped develop into one of the group's top businesses. "He has understood Chinese consumer needs better than anyone and provided online services to meet them through convenience, entertainment and efficiencies".

His decision to quit the rapidly growing gaming industry followed an hour-long chat with Ma at Alibaba's headquarters in the eastern city of Hangzhou. "All these things that I've been preparing for 10 years", he said, who is now China's richest man. Every day is like as busy as a president, and I don't have any power!

Two Russians named as suspects in United Kingdom nerve agent attack
Russian authorities ultimately discovered and arrested Skripal, who was then traded to the Americans in a high-profile spy swap. Basu said the passports were genuine but the names were probably aliases, and appealed to the public to help identify the men.


- Sherisse Pham contributed to this article.

Related news:

Hot News

isis-killer-beheading-video-story-top Tesla stock falls as CEO appears to smoke marijuana on video
Sep 10, 2018 - 17:00
Musk stunned investors a month back with tweets saying he had funding to take the company private for $420 (A$589 ) per share. In July he shocked investors by announcing on Twitter that he had funding secured to take his vehicle firm Tesla private.

isis-killer-beheading-video-story-top SC declares emergency ahead of Tropical Storm Florence
Sep 10, 2018 - 16:46
Issac is expected to gain strength in the next days, but then weaken by the middle of the week when it approaches the Caribbean. Over the next 24 to 48 hours, wind shear around Florence will continue to decrease allowing the storm to rapidly intensify.

isis-killer-beheading-video-story-top Swedish election: Nationalists 'make gains' in early exit polls
Sep 10, 2018 - 16:39
Final results are due before midnight (2200 GMT), but the composition of the next government may not be known for weeks. Instead Sweden may get centre-right government with the tacit support of the far right .

isis-killer-beheading-video-story-top Serena Williams fined US$17K for rules violations at US Open Final
Sep 10, 2018 - 14:52
Open Women's Final by Japan's Naomi Osaka after Williams received three code violations . "He did change the course of the match". The point penalty was followed by a game penalty, after Williams confronted Ramos, and labelled him a "thief".

isis-killer-beheading-video-story-top Tropical storm watch issued as Hurricane Olivia continues approach
Sep 10, 2018 - 11:42
Little change in strength is forecast during the next 36 hours, with gradual weakening expected afterward. By Wednesday evening, the storm's expected to have about 50 mph winds some 145 miles west of Kailua-Kona.

isis-killer-beheading-video-story-top India abolishes gay punishment law
Sep 10, 2018 - 10:32
In 2009, the Delhi High Court described Section 377 as a violation of the fundamental rights guaranteed by the Constitution. He noted, "Human sexuality can not be confined to a binary".

isis-killer-beheading-video-story-top U.S. tech firms ask for protection from next Trump tariffs
Sep 10, 2018 - 08:25
Trade Representative raising concerns that the additional tariffs that the president proposed would be bad for business. In a tweet Saturday, Trump implored the company to shift production from China: "Start building new plants now".

isis-killer-beheading-video-story-top Serena Williams faces substantial fine after US Open final outburst
Sep 10, 2018 - 08:11
That is when Serena showed support to her fellow woman and athlete by putting her arm around her. "I'd rather lose. MARGARET COURT, the 24-time Grand Slam victor Serena Williams is aiming to emulate.

isis-killer-beheading-video-story-top Florence expected to become 'major hurricane' by Monday
Sep 10, 2018 - 07:25
The weather service estimates that the storm will take a sharp north turn into the middle of the Atlantic later in the week. Power outages can last months and affected areas can be be "uninhabitable for weeks or months", the hurricane center says.

isis-killer-beheading-video-story-top Philadelphia pulls off the ‘Philly Special’ trick play against the Falcons
Sep 10, 2018 - 05:17
Falcons safety Keanu Neal left the game with a knee injury in the first half but coach Dan Quinn said it doesn't appear serious. The play was ruled incomplete, but the Falcons went ahead and challenged. "Good execution wins games", Brady said, per ESPN .

isis-killer-beheading-video-story-top CBS board in $100 million exit negotiations with CEO Moonves
Sep 09, 2018 - 23:28
The 68-year-old executive is reportedly due almost $180 million in severance and a production deal under his current contract. The New Yorker reported that Moonves denied "any characterization of 'sexual assault, ' intimidation, or retaliatory action".

isis-killer-beheading-video-story-top Watergate's Woodward Says Times Trump Op-ed Not up to His Standards
Sep 09, 2018 - 22:28
DPRK would have read it as a sign of an imminent USA attack, says Bob Woodward . "Our office is above such amateur acts". Dan Coats, Director of National Intelligence, also said he did not write the op-ed in a statement .

isis-killer-beheading-video-story-top IN Focus: New season, new controversy in NFL
Sep 09, 2018 - 22:03
They've likely made the business calculation that they will gain more customers than they will lose by supporting Kaepernick. Research conducted by Edison Trends revealed that Nike's online sales surged 31% from Sunday through Tuesday.

isis-killer-beheading-video-story-top Trump campaigns in Montana, lauds Kavanaugh’s progress
Sep 09, 2018 - 22:00
Jon Tester, who is up for re-election this year, for releasing allegations that derailed the nomination of Rear Adm. Ronny Jackson has led a great and lovely life" and had "lies told about him", Trump said.

isis-killer-beheading-video-story-top Defending champ Rafael Nadal earns quarterfinals win at US Open
Sep 09, 2018 - 21:16
Thiem levelled the match with a fourth set tie-break victory before Nadal finally edged a tense final set after another tie-break. But now I wish him the title the most, that's for sure. "We fought the whole match and I survived with my serve which was key".