Jack Ma steps down as Alibaba Chairman

Jack Ma

Ma steps down as executive chairman of China's largest company on his 55th birthday with a fortune estimated at $ 41.8 billion.

September 10 is also the 55th birthday of Ma, a member of China's Communist Party, who created a business environment conducive to Alibaba's success by communicating well with the government and the ruling party.

CEO Daniel Zhang will take his place. The company provides consumer-to-consumer (C2C), business-to-consumer (B2C), and business-to-business (B2B) sales services via web portals, as well as electronic payment services, shopping search engines and cloud computing services.

He's also known as China's richest man with a net worth of nearly 40-billion USA dollars.

Meanwhile, Jack Ma's successor 46-year-old Daniel Zhang is considered a brilliant strategist. However, some financial experts said the company was paid too little for a valuable property. Tsai told reporters in May the company is "on the right side" of issues in U.S.

When it comes to entertainment, Alibaba's biggest footprints lie in Tao Piaopiao, one of China's top online film ticketing platforms; the streaming platform Youku Tudou; performance ticketing platform Damai; and its film production and investment arm, Alibaba Pictures, launched by Ma in 2014.

The company removed "passion", "honesty", "teamwork", and "professionalism" from its former core values and kept "customers first" and "trust".

Alibaba's partnership before a recent expansion. Click to enlarge
Alibaba's partnership before a recent expansion. Click to enlarge

The world is entering a transition period, Ma said.

"The value of life should be seen in what a man has experienced and not in what he has received", Ma said, noting that he is not "retiring" but spending more time and energy on education, philanthropy and environmental protection.

Instead of becoming a family business, or seeking a professional executive management team, he hopes to bring the company's core values into its everyday operations and to seek team leaders that truly believe in the company's core mission. Alibaba Chairman Jack Ma speaking duirng the Hongqiao International Economic and Trade Forum in China.

Alibaba's partnership before a recent expansion.

Before Ma and his friends founded Alibaba in his apartment in Hangzhou, the billionaire philanthropist worked as an English teacher.

Ma's retirement announcement raised eyebrows at the time, as it's unusual for top Chinese executives to step down at such an early age. Ma said his retirement is neither an impulse nor a decision made under pressure. "Today isn't about one person's choice, but the success of a system". He became pen pals with one of those foreigners, who nicknamed him "Jack" because he found it hard to pronounce his Chinese name. "It's the dreams that keep us never afraid of the mistakes", he said. "I still feel I'm young".

"I think someday, and soon, I'll go back to teaching. I will not stop".

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