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CEO Zhang, Alibaba Succeeds Jack Ma as Chairman

The firm made a whopping $25 billion worth sales in a 24-hour period across its e-commerce platforms, last year.

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Alibaba Cloud
The logo is displayed at the New York Stock Exchange, in New York. VOA

Chinese e-tailer Alibaba Group’s Chief Executive Daniel Zhang will be the new chairman, succeeding its co-founder Jack Ma from September 10, 2019, the global firm announced on Monday.

“Ma will continue as the executive chairman of the company over the next 12 months to ensure a smooth transition to Zhang,” a statement quoting the Chinese behemoth said here.

The Hangzhou-based company’s 20th anniversary on September 10, 2019, Zhang will take charge as the new chairman.

Zhang, who was earlier the Chief Executive Officer (CEO) of Taobao, an online shopping portal owned by the Alibaba Group, was appointed the CEO of the Alibaba Group in 2015. He has been with the company since 2007.

Alibaba
Ma is revered by many Chinese, some of whom have put his portrait in their homes to worship in the same way that they worship the God of Wealth. Flickr

The co-founder of the company, Ma, will however, remain as a board member of the Alibaba Group until the annual shareholder meet in 2020, which marks the 21st anniversary of the e-commerce and tech conglomerate.

“While remaining as executive chairman in the next 12 months, I will work closely with Daniel (Zhang) to ensure smooth transition,” Ma said in a letter to the shareholders and employees on the occasion of the company’s 19th anniversary on Monday.

The transition demonstrates that the firm has stepped up from a company that relies on individuals, to one built on a culture of talent development, Ma’s letter addressed to the company’s 86,000 employees said.

Ma will remain a lifetime partner in the Alibaba Partnership and is a member of its partnership committee, the statement added.

Alibaba
Founded in 1999 by Chinese teacher-turned-entrepreneur Ma as a platform to connect Chinese manufacturers with the world. VOA

The Alibaba Partnership has 36 partners, who are the senior management of Alibaba Group or its affiliates, including movie-making firm Alibaba Pictures, cloud computing firm Alibaba Cloud, financial services firm Ant Financial among others.

Founded in 1999 by Chinese teacher-turned-entrepreneur Ma as a platform to connect Chinese manufacturers with the world, It stands among one of the largest companies in the world.

Ma, who turned 54 on Monday, said while continuing as a member of Alibaba Partnership, he wants 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. The world is big, and I am still young, so I want to try new things,” the Chinese business icon’s letter added.

The group’s e-tail portals Alibaba.com, Taobao, Tmall and AliExpress together clock billions of dollars of sales each year.

Alibaba
Cloud computing refers to a virtual space where one can grow their presence

As per its statement, the company’s revenue was $39.9 billion for fiscal 2017-18.

Also Read: Researchers In China Discover a Potential Antibiotic

During the company’s annual global shopping festival held on November 11 last year, the firm made a whopping $25 billion worth sales in a 24-hour period across its e-commerce platforms.

Apart from its online shopping portals, The company also offers electronic payment services and cloud computing services. (IANS)

Next Story

China’s Liu He To Travel To United States, Aims To Resolve Ongoing Trade War

The United States has long complained about access to the vast Chinese market and Beijing's demands U.S. companies reveal their technology advances.

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U.S. Commerce Secretary Wilbur Ross, left, chats with Chinese Vice Premier Liu He during a photograph session after their meeting at the Diaoyutai State Guesthouse in Beijing, China, June 3, 2018. (VOA)

China’s economic czar, Vice Premier Liu He, will travel to the United States later this month for the second round of negotiations aimed at resolving the ongoing trade war between the global economic giants.

Commerce Ministry spokesman Gao Feng told reporters in Beijing Thursday that Liu will visit Washington on January 30-31. He was invited by U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer.

U.S. negotiators were optimistic after the first round of talks in Beijing last week that the two sides would be able to resolve tariff disputes that have upset global markets.

USA, Trump
Flags fly in front of the U.S. Capitol in Washington, Jan. 1, 2019. VOA

The trade talks are the result of an agreement last month between President Trump and Chinese President Xi Jinping to stop the tit-for-tat tariff conflict between the two countries for 90 days starting on New Year’s Day.

Also Read: U.S. To Roll Out New Strategy For Space Based Missile Defense

The United States has long complained about access to the vast Chinese market and Beijing’s demands U.S. companies reveal their technology advances.

If no deal is reached by March 2, U.S. tariffs on $200 billion Chinese goods will rise from 10 percent to 25 percent. (VOA)