Alibaba's Jack Ma steps down as industry faces uncertainty

Alibaba's Jack Ma steps down as industry faces uncertainty

There is now a mass celebration getting underway at an Olympic-sized sports stadium in Hangzhou.

Jack Ma turns 55 on Tuesday, and China's richest man is celebrating with a milestone move: He's stepping down as executive chairman of the country's e-commerce behemoth Alibaba.

The businessman will also continue mentoring the company's management as he remains a lifetime partner in a corporate governing body called Alibaba Partnership, which has the right to nominate directors to the company's board.

A former English teacher from Hangzhou, Ma co-founded Alibaba in 1999, turning the company into a $480 billion e-commerce giant and himself into China's most influential business guru.

The date, Ma has chosen to step down is September 10.

He's also known as China's richest man with a net worth of nearly 40-billion USA dollars. It employs over 100,000 people, and has expanded into financial services, cloud computing and artificial intelligence.

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The precise launch and mission management has ensured a long life of nearly seven years instead of the planned one year. All possible efforts are being made to establish communication with the lander, the Indian space agency said.

The company also said on Tuesday that it had adopted six new core values, among which one was a pledge to "respect the work-life balance decisions of every individual", marking a step away from Ma's recent comments urging tech company employees to work nights and weekends, which sparked a nationwide debate.

The Hurun Report, which follows China's wealth, estimates Ma's fortune at $38 billion.

After building the Alibaba empire Jack Ma will be focusing on philanthropy.

Over the years, Alibaba has grown from an online marketplace into a 460-billion US dollar business.

Ma has said that ensures Alibaba focuses on long-term development instead of responding to pressure from financial markets.

"For Daniel Zhang, this will be a big challenge". Zhang is far more low-key than Ma, described as the Clark Kent to Ma's Superman by Duncan Clark, author of Alibaba: The House That Jack Ma Built. -Chinese trade talks. Tsai said Alibaba stands to benefit from Beijing's promise to increase imports and a growing consumer market.

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