Jack Ma Will Retire as the Chairman of Alibaba by Next Year

Alibaba announce CEO Daniel Zhang will be the next chairman after Jack Ma's retirement.

Jack Ma has announced his retirement from his e-commerce giant Alibaba. Source: AAP

Written in a public letter, Jack Ma will continue as a the Chairman of Alibaba to ensure a smooth transition to Daniel Zhang. 

Five years ago, Jack Ma quit as the CEO, which has been taken by Daniel Zhang in 2015. Mr Ma addressed the transition of chairmanship in his letter saying he has been preparing for it in last 10 years. 

He also speaks highly of Daniel, and claims choosing Daniel as the succession has been the "best decision he has ever made". 

Alibaba was founded in 1999, and has become the second China's IT tech giant to achieve US$50 billion market value.

According to CNBC, Alibaba will continue its offline 'new retail' strategy as Daniel takes over. 

Mr Ma expresses his willingness to be a teacher in the future, as what he did 30 years ago. With a net-worth of US$366, he is one of the richest Chinese according to Forbes. 

The New York Times has reported Mr Ma's retirement last week, which has been criticized as 'inaccurate' and 'taken out of context' by South China Morning Post, a news agent owned by Alibaba. 

Please find out more details on SBS Mandarin Website.