Alibaba co-founder and Executive chairman, Jack Ma has announced that he plans to step down in 2019. Ma made the announcement in a letter to Alibaba shareholders and customers.
CEO Daniel Zhang will succeed Jack Ma as chairman of the board starting September 10, 2019. Ma will continue as Executive chairman for the next 12 months to ensure a smooth transition.
However, Ma will remain a director on Alibaba's board till its annual shareholder meeting in 2020. In 2013, Ma stepped down as CEO to dedicate time to philanthropy through the Jack Ma foundation.