November 24, 2020

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Jack Ma steps down as director of Alibaba Group

2 min read
Jack Ma,Alibaba, Funny Blog News

News on October 1st, Alibaba announced on the Hong Kong Stock Exchange that according to a series of inheritance arrangements two years ago, Jack Ma will no longer serve as a director of Alibaba Group from now on.

As of the announcement date, Alibaba’s board of directors includes directors Zhang Yong (chairman of the board), Cai Chongxin, Wu Wei, J. Michael EVANS, Jing Xiandong and Kabir Misra; and independent directors Dong Jianhua, Guo Deming, Yang Zhiyuan, E.BrjeEKHOLM and WanLingMARTELLO .

According to the announcement, Alibaba elected Wu Wei, Kabir Misra and Guo Deming as the third group of directors at the annual general meeting of shareholders on September 30, 2020. All of them will serve for three years or until their successors are awarded Selection or appointment and obtaining appropriate qualifications.

However, Jack Ma is still one of Alibaba’s partners. In the Alibaba partner system, partners nominate most of the directors of the board of directors, rather than allocating director seats based on the number of shares.

Jack Ma founded Alibaba in 1999 and served as the CEO and chairman of the board of directors of Alibaba Group. On May 10, 2013, Jack Ma resigned as CEO of Alibaba Group. On September 10, 2019, 55-year-old Jack Ma stepped down as chairman of the Alibaba board of directors and continued to serve as a member of the board of directors of Alibaba Group.

In his speech on the day when Jack Ma stepped down as chairman of the Alibaba Board of Directors, Jack Ma emphasized, “Today is not Jack Ma’s retirement, but the beginning of a system inheritance.” He also said, “Let’s see you in a different situation.”

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