Alibaba Refutes Reports Of Jack Ma’s Imminent Retirement, Succession Plan To Be Unveiled Tomorrow 

Earlier this week, a report published in The New York Times had claimed that Jack Ma, the iconic co-founder of Alibaba, the world’s largest e-commerce platform, will be stepping down from the post of executive chairman.

However, on Saturday, a company spokesperson refuted the report and clarified that Ma will continue to serve in the post and will drive transition plans over a significant period of time. The story published in The New York Times was taken out of context, and is factually wrong, the spokesman added.

Ma is expected to unveil a succession strategy that will seek to groom a new crop of young executives to take over the reins of Asia’s most valuable company, The South China Morning Post has reported.

Ma is credited with turning the Hangzhou-based company, which made a beginning as an e-commerce marketplace founded with US$60,000, into a US$500 billion worth behemoth working in sectors such as online shopping, cashless payments, cloud computing, artificial intelligence and even Hollywood.

Ma will unveil the succession strategy on 10 September, the day he turns 54.

I’m very proud that Alibaba now has the structure, corporate culture, governance and system for grooming talent that allows me to step away without causing disruption,” the South China Morning Post quoted him as saying.