Jack Ma, executive chairman of shopping platform Alibaba has announced plans to step down September of this year.
Ma is one of China’s richest men, with a net worth of a cool USD$35.2 billion. Alibaba has quickly grown to be one of the most valuable companies, with shares almost doubling last year.
The position is being handed onwards to Daniel Zhang, the current CEO if the group and creator of the now famous Singles Day which turned over just above $30 billion for 2018.
The switch is expected to take place September 10 of this year, it is unconfirmed yet if Zhang will remain CEO as well as taking on the role of executive chairman, yet Ma will stay on Alibaba’s board until its annual shareholder meeting in 2020.