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In The News:

Alibaba Group CEO Daniel Zhang Assumes Chairmanship

Alibaba Group Holding Limited is now chaired by Daniel Zhang. The company announced on Sept. 10, 2018, that CEO Zhang would succeed company founder Jack Ma as chairman of the board of Alibaba Group on Sept. 10, 2019. Ma continued as executive chairman of the company for the year following the announcement. Ma intends to complete his term as a member of Alibaba Group’s board of directors until its annual general meeting of shareholders in 2020.

In a letter to Alibaba’s customers, employees and shareholders at the time of the announcement, Ma said, “Daniel has been with Alibaba Group for 11 years. Since he took over as CEO, he has demonstrated his superb talent, business acumen and determined leadership. Under his stewardship, Alibaba has seen consistent and sustainable growth for 13 consecutive quarters. His analytical mind is unparalleled, he holds dear our mission and vision, he embraces responsibility with passion, and he has the guts to innovate and test creative business models.”

Ma led the founding of the Chinese e-commerce giant in 1999. Alibaba Group’s mission, according to the company, is to make it easy to do business anywhere and the company aims to achieve sustainable growth for 102 years. For the fiscal year ended March 2019, the company reported revenues of US$56.2 billion.

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