Alibaba CEO Zhang to succeed Jack Ma as Chairman

Chinese e-commerce giant Alibaba Group on Monday announced that Chief Executive Daniel Zhang will succeed co-founder Jack Ma as chairman of the company from September 10, 2019.

According to the company, Ma will continue as executive chairman for another 12 months to ensure a smooth leadership transition. Zhang will take over on Alibaba's 20th anniversary.

Zhang, who previously served as CEO of Alibaba's online shopping platform Taobao, became Alibaba Group's CEO in 2015. He joined the company in 2007.

Ma will remain on Alibaba's board until the company's annual shareholders' meeting in 2020. He will also continue as a lifetime partner in the Alibaba Partnership, which comprises 36 senior executives from Alibaba and its affiliated companies.

In a letter to shareholders and employees, Ma said the leadership transition reflected Alibaba's evolution from a company dependent on individuals to one built around talent development and organisational culture.

Ma, who turned 54 on Monday, also reiterated his desire to return to education.

"I want to return to education, which excites me with so much blessing because this is what I love to do," he said, adding that he wanted to explore new opportunities.

Founded in 1999, Alibaba has grown into one of the world's largest technology and e-commerce companies. Its major platforms include Alibaba.com, Taobao, Tmall and AliExpress, while its businesses also span digital payments and cloud computing.

The company reported revenue of $39.9 billion in fiscal 2017-18. During its November 11 global shopping festival last year, Alibaba's e-commerce platforms generated around $25 billion in sales in just 24 hours.