Alibaba co-founder Jack Ma to retire

Alibaba co-founder Jack Ma to retire

Jack Ma, the longtime head of Chinese e-commerce giant Alibaba, on Sunday announced that David Zhang will succeed him as chairman in one year's time.

India is a "very important" market for Alibaba in its global strategy, its Chief Executive Officer Daniel Zhang told IANS past year.

Following the succession, Ma will remain a permanent member of the Alibaba Partnership, a 36-member group of core company managers, which has the right to nominate a majority of the directors to the board of the company.

At the time, Mr Trump hailed Jack Ma as a "great, great entrepreneur, one of the best in the world", who loves both the USA and China.

Born 1964, to Chinese traditional musician-storytellers, living in Hangzhou, Ma started in 1999 as a business-to-business marketplace.

Ma said he will continue to be a member of the Alibaba Partnership and focus his new free time on philanthropy.

"Teachers always want their students to exceed them, so the responsible thing to do for me and the company to do is to let younger, more talented people take over in leadership roles", Mr Ma said in a statement on the day of his 54th birthday.

Globalisation is one of our key strategies for Alibaba.

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Since Mr. Zhang, known as Zhang Yong in mainland China, was named chief executive in May 2015, "Alibaba has seen consistent and sustainable growth for 13 consecutive quarters".

Image copyright Getty Images Image caption Jack Ma says he wants to return to education because this is what he "loves to do".

According to the company, Paytm AI Cloud processes and stores their consumers' data locally in servers located in India - a demand from the government that has resulted in its rival WhatsApp and Apple deferring their digital payments services in the country.

In 2014, the firm raised $25bn in the world's biggest public share offering.

Zhang, Ma's planned successor, is a former accountant who joined Alibaba in 2007 after working at Shanda Entertainment, an online games company. He has created a foundation in his own name, modeled in part on the efforts of Microsoft and fellow billionaire Bill Gates. "Those who know me know that I do not like to sit idle", he said. "I can never be as rich, but one thing I can do better is to retire earlier".

"He put a human face on technology, and took China onto the global stage, not as a state-owned enterprise, crucially", said Duncan Clark, managing director at Beijing tech advisory BDA and author of "Alibaba: The House that Jack Built".

After the meeting he said that they had both agreed that US-China relations "should be strengthened, should be more friendly and do better".

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