Hangzhou, China: Following chairman Jack Ma's retirement plan reports, Alibaba Group formally announced that the company will be headed by current CEO Daniel Zhang next year.
Ma announced that he will be stepping down as chairman on September 10, 2019, and will continue to be part of the company's board until the annual general shareholders' meeting in 2020, TechCrunch reported.
The 54-year-old co-founded Alibaba in 1999 and turned it into one of the biggest e-commerce giants in the world.
Ma downplayed the earlier reports which claimed that he will retire from the company for philanthropy in education. He said that he is instead planning on gradually reducing his role through a succession plan. (ANI)