Jack Ma Stepped Down as Chairman of Alibaba

China’s Richest Man and Alibaba’s Chairman, Jack Ma, has stepped down. Jack Ma announced his retirement as chairman of the company last year. He will celebrate his final day as he marks his 55th birthday at an Olympic-sized sports stadium in Hangzhou.

He will be replaced by Daniel Zhang, the company’s chief executive and an accountant by training.

Last year, he said, “I still have lots of dreams to pursue. Those who know me know that I do not like to sit idle. The world is big, and I am still young, so I want to try new things.”

In a recent video, he said “The thing I want this company to never forget – because we are at today’s size – a lot of companies, I learned why they fail,” Ma said in the video posted on Monday. “They forget about dreams. It’s the dreams that keep us working hard. Its dreams that keep us never afraid of mistakes … of setbacks.”

Ma’s net worth is $38.4bn according to Forbes, making him China’s richest man. He will retain a 6.22% share and will remain on the board of directors until an annual shareholders’ meeting in 2020.

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