This archive report was first published on 10 September 2019.
On September 10, 2019, Jack Ma, the founder of Alibaba, one of the world's largest e-commerce companies, announced his resignation as its chairman. He will be replaced by Daniel Zhang, the company's chief executive and accountant by training.
Ma had previously announced his retirement last year, and stated that he will concentrate more on philanthropy and focus on education in rural areas. He will still retain a 6.22% share in the company and remain on the board of directors until the next Annual General Meeting in 2020.
Ali Baba has been listed in the New York Stock Exchange since 2014, and Ma's net worth is estimated to be $34.4 billion, making him the richest man in China.
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