Jack Ma retired from Alibaba, the Company he built 20 years ago, on September 10th 2019 as its Chairman. Ma announced last year he would retire from Alibaba in September 2019.
Jack Ma co founded Alibaba in 1999 as a B2B marketplace site, at his apartment in Hangzhou, China. Alibaba Group Holding Limited is now one of the biggest and most valuable companies in the world. The Company owns and operates businesses in numerous sectors around the world. With a market value of $ 420 million, Alibaba made Jack Ma one of the richest people in China, with a net worth of $ 35.6 billion. He is also considered one of the wealthiest and most powerful people in the world.
Jack Ma decided to retire from Alibaba in order to pursue educational and philanthropic work. Daniel Zhang, who is the CEO of the Company since 2015, will step into Jack Ma’s shoes as the executive chairman of Alibaba.
To bid farewell to Jack Ma, the Company held a four hour celebration at an Olympic sized stadium in Hangzhou with a capacity to accommodate 80,000 people. Jack Ma, who is known for his colorful personality and performed at a Chinese music festival, did not disappoint anyone this time either. Ma, dressed as a rockstar with a fake wig and holding an electronic guitar, gave a powerful performance in front of his employees.
Speaking about his retirement at the event, Jack Ma said, “After tonight, I will start a new life. I do believe the world is good, there are so many opportunities and I love excitement so much, which is why I will retire early.”
Even though Jack Ma retired from Alibaba as its Chairman, he will stay on the Company’s board till 2020 and will remain a lifetime partner of Alibaba Partnership.