Alibaba Group chairman Jack Ma will step down from the Chinese firm on Tuesday, ...
SHANGHAI - Alibaba Group chairman Jack Ma will step down from the Chinese firm on Tuesday, leaving his handpicked successor a daunting task of steering the $460 billion juggernaut at a time when the market for its core e-commerce business has slowed sharply.
An accountant by trade, soft-spoken Alibaba CEO Zhang marks a stark contrast to Ma whose flamboyant style and charismatic leadership made him the most recognized Chinese entrepreneur since the former English teacher founded the company 20 years ago in a small shared apartment in Hangzhou city in eastern China.
Last week, Alibaba announced investments of $2.7 billion in luxury goods retail platform Kaola and a music streaming firm in moves that partly demonstrated its flexibility in adopting new strategies. When Ma makes his farewell speech, investors would like to hear how he will be involved in management and whether he will continue to steer the company’s broad strategy. Ma has said that he will continue to mentor management.
Ma struggled to expand Alibaba internationally, with the failed $1.2 billion acquisition of remittance provider MoneyGram marking a key disappointment.
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