Sep 10, 2018 12:06 PM

Update: Era Ends as Alibaba Founder Jack Ma Prepares to Step Down

Alibaba founder Jack Ma. Photo: VCG
Alibaba founder Jack Ma. Photo: VCG

Jack Ma will retire as chairman of e-commerce giant Alibaba Group Holding Ltd. next year, marking the end of an era with the departure of one of China’s earliest internet pioneers.

Ma, who is also one of China’s richest men, will be replaced in his chairman’s role on Sept. 10, 2019, his 55th birthday, by current CEO Daniel Zhang, the company said in a statement Monday. The year will also mark the 20th anniversary of Alibaba’s founding. The company said over the weekend that Alibaba will announce a succession plan, but had not provided more specifics.

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