Alibaba founder and billionaire Jack Ma has announced that he would step down as the Chinese e-commerce giant’s executive chairman next year and named the company CEO as his successor.
Mr. Ma (54), will hand over the keys of his company to 46-year-old Daniel Zhang in an unprecedented succession plan that will slowly take the focus off one of China’s most recognisable corporate names over the next 12 months.Mr. Ma, who grew from an English teacher to China’s top billionaires making Alibaba into $420 billion company, always took care to not ruffle feathers of the ruling Communist Party of China (CPC).
