Alibaba Group Announces Executive Chairman Succession Plan
Alibaba Group Holding Limited (NYSE: BABA) today announced that one year from today, September 10, 2019, chief executive officer Daniel Zhang will succeed Jack Ma as chairman of the board of Alibaba Group. Mr. Ma will continue as executive chairman of the company over the next 12 months to ensure a smooth transition of the chairmanship to Mr. Zhang.
Mr. Ma will complete his current term as a member of Alibaba Group’s board of directors until its annual general meeting of shareholders in 2020.
Mr. Ma is a lifetime partner in the Alibaba Partnership and is a member of its partnership committee. The Alibaba Partnership is currently comprised of 36 partners who are also members of senior management of Alibaba Group or its affiliates. Pursuant to the articles of association of Alibaba Group, the Alibaba Partnership has the right to nominate a majority of the directors to the board of the company.
Mr. Ma issued a letter to Alibaba’s customers, employees and shareholders, which is attached to this release.
Letter from Jack Ma, founder and executive chairman of Alibaba Group
Dear Alibaba customers, Aliren, and shareholders,
Today, as we mark the 19 th anniversary of Alibaba, I am excited to share some news with you: with the approval of our board of directors, one year from today on September 10, 2019 which also falls on Alibaba’s 20 th anniversary, Group CEO Daniel Zhang will succeed me as chairman of the board of Alibaba Group. While remaining as executive chairman in the next 12 months, I will work closely with Daniel to ensure a smooth and successful transition. Thereafter, I will stay on the Alibaba board of directors until our annual shareholders meeting in 2020.
I have put a lot of thought and preparation into this succession plan for ten years. I am delighted to announce the plan today thanks to the support of the Alibaba Partnership and our board of directors. I also want to offer special thanks to all Alibaba colleagues and your families, because your trust, support and our joint enterprise over the past 19 years have prepared us for this day with confidence and strength.
This transition demonstrates that Alibaba has stepped up to the next level of corporate governance from a company that relies on individuals, to one built on systems of organizational excellence and a culture of talent development.
When Alibaba was founded in 1999, our goal was to build a company that could make China and the world proud and one that could cross three centuries to last 102 years. However, we all knew that no one could stay with the company for 102 years. A sustainable Alibaba would have to be built on sound governance, culture-centric philosophy, and consistency in developing talent. No company can rely solely on its founders. Of all people, I should know that. Because of physical limits on one’s ability and energy, no one can shoulder the responsibilities of chairman and CEO forever.
We asked ourselves this question 10 years ago – how could Alibaba achieve sustainable growth after Jack Ma leaves the company? We believed the only way to solve the problem of corporate leadership succession was to develop a system of governance based on a unique culture and mechanisms for developing consistent talent and successors. For the last 10 years, we kept working on these ingredients.
Having been trained as a teacher, I feel extremely proud of what I have achieved. Teachers always want their students to exceed them, so the responsible thing to do for me and the company to do is to let younger, more talented people take over in leadership roles so that they inherit our mission “to make it easy to do business anywhere.” Carrying out this mission in order to help small businesses, young people and women around the world is my passion. This is not only our intent from day one but I feel blessed to have this opportunity. To realize the dream behind this mission requires participation by a lot more people than just Jack Ma and persistent effort by generations of Aliren.
Alibaba is amazing not because of our business or scale or accomplishments. The best thing about Alibaba is that we come together under a common mission and vision. Our partnership system, unique culture and talented team have laid a strong foundation for the legacy of our company. In fact, since I handed over the CEO’s responsibilities in 2013, the company has run smoothly for five years on the back of these institutional ingredients.
The partnership system we developed is a creative solution to good governance and sustainability, as it overcomes several challenges faced by companies of scale: continuous innovation, leadership succession, accountability and cultural continuity. Over the years, in iterating our management model, we have experimented with and improved on the right balance between systems and individuals. Simply relying on individuals or blindly following a system will not solve our problems. To achieve long-term sustainable growth, you need the right balance among system, people and culture. I have full confidence that our partnership system and efforts to safeguard our culture will in time win over the love and support from customers, employees and shareholders.
Since the founding of the company in 1999, we have been of the view that Alibaba’s future will need to depend on “droves of talent” to enable us to iterate on our management succession plans. After years of hard work, today’s Alibaba has a world-class talent pool in quality and quantity. The teacher in me feels extremely proud of our team, our leadership and our unique mission-driven culture, as well as the fact that we continue to develop exceptional business leaders and professional talent like Daniel Zhang.
Daniel has been with Alibaba Group for 11 years. Since he took over as CEO, he has demonstrated his superb talent, business acumen and determined leadership. Under his stewardship, Alibaba has seen consistent and sustainable growth for 13 consecutive quarters. His analytical mind is unparalleled, he holds dear our mission and vision, he embraces responsibility with passion, and he has the guts to innovate and test creative business models. Deservedly, China’s business news media has named him the No. 1 CEO in 2018. For these reasons, he and his team have won the trust and support of customers, employees and shareholders. Starting the process of passing the Alibaba torch to Daniel and his team is the right decision at the right time, because I know from working with them that they are ready, and I have complete confidence in our next generation of leaders.
As for myself, I still have lots of dreams to pursue. Those who know me know that I do not like to sit idle. I plan on continuing my role as the founding partner in the Alibaba Partnership and contribute to the work of the partnership. I also 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 – because what if new dreams can be realized?!
The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba.
September 10, 2018
About Alibaba Group
Alibaba Group’s mission is to make it easy to do business anywhere and the company aims to achieve sustainable growth for 102 years. For the fiscal year ended March 2018, the company reported revenues of US$39.9 billion.
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
GSMA Welcomes Germany’s 5G Spectrum Award, but Cautions against Unnecessary Conditions15.11.2018 11:00 | Tiedote
The GSMA today welcomed the German government’s decision to release the entire 3.4 to 3.8 GHz band (C-Band), essential for the future development of 5G services globally. Making available all of the spectrum in this critical band for 5G, in a timely manner, shows Germany’s commitment to European and global 5G leadership. However, the GSMA warns that some of the currently proposed conditions on the allocation of these vital frequencies may slow Germany’s 5G future. Ultra-fast 5G networks will form the foundation of the world’s digital economy, supporting a wide variety of industry sectors. Imposing unnecessary conditions that limit mobile operators’ ability and potential to deliver 5G creates a risk for all, industries and citizens alike. “The C-Band is the most vital frequency band for 5G. Germany is demonstrating 5G leadership in the timely release of this vital spectrum, but risks undercutting its 5G future with unnecessary obligations,” said Mats Granryd, Director General, GSMA. “Sp
Entersekt Sets Sights on the Nordics15.11.2018 11:00 | Tiedote
Entersekt, an innovator in mobile-first fintech solutions, today announced its entry into the competitive Nordic market. The identity and payments enablement provider serves banks and other enterprises operating in 45 countries. Entersekt’s interest in Scandinavia derives from its openness to digital banking and payments innovation. Digitization may be transforming business in every corner of the world, but few regions have experienced the wholesale change in consumer payments behaviour that the Nordics have. While governments, central banks, and the banking industry as a whole have pushed a cashless agenda for several years now, many point to Nordic consumers’ enthusiastic adoption of cashless transacting as the true driver behind the boom in digital payments. Consumers in the region have never been hidebound to payments innovation, as smart card penetration rates demonstrated years ago. Payments-ready smartphones are, of course, everywhere and the retail NFC infrastructure is superb.
Mobidiag nostaa viimeisen €4M erän Euroopan investointipankin €15M rahoituksesta15.11.2018 09:30 | Tiedote
Mobidiag Oy, vahvassa kasvuvaiheessa oleva molekyylidiagnostiikkayhtiö, joka taistelee antibioottiresistenssin leviämistä vastaan, ilmoitti tänään, että se on nostanut viimeisen 4 miljoonan euron erän 15 miljoonan euron lainasta, jonka Euroopan investointipankki (EIP) myönsi yhtiölle kolmivuotiseen projektiin heinäkuussa 2016. Laina myönnettiin osana EIP:n ”InnovFin - EU Finance for innovators” -ohjelmaa. Ohjelman tavoitteena on tukea innovatiivisten eurooppalaisten yhtiöiden haastavia korkean teknologian kehityshankkeita mahdollistamalla rahoituksen. Tämä lehdistötiedote sisältää multimediaa. Katso koko julkaisu täällä: https://www.businesswire.com/news/home/20181114005789/fi/ Aiemmin nostettujen EIP:n lainaerien avulla Mobidiag on kehittänyt valmiiksi ja kaupallistanut Novodiag® -molekyylidiagnostiikan järjestelmänsä sekä kaksi suolistoinfektioiden aiheuttajien tunnistamiseen käytettävää testiä (Novodiag® C. difficile ja Novodiag® Bacterial GE+). Viimeisen lainaerän avulla yhtiö nope
European Commission approves Ipsen’s Cabometyx® (cabozantinib) for the treatment of hepatocellular carcinoma in adults previously treated with sorafenib15.11.2018 09:30 | Tiedote
Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) today announced that the European Commission (EC) has approved Cabometyx® (cabozantinib) 20, 40, 60 mg as a monotherapy for hepatocellular carcinoma (HCC) in adults who have previously been treated with sorafenib. This approval allows for the marketing of Cabometyx® (cabozantinib) in this indication in all 28 member states of the European Union, Norway and Iceland. “Today’s EC approval for the use of Cabometyx ® provides a much needed new option for HCC patients. Until now, physicians in Europe had only one approved therapy for the 2 nd line treatment of this aggressive and difficult-to-treat cancer.1,2 We are proud to offer Cabometyx ® as an innovative treatment that has been shown to extend survival in previously treated patients with HCC,” said Harout Semerjian, Chief Commercial Officer, Ipsen. “This new indication reinforces Ipsen’s commitment to improve patients’ lives through the expansion of the clinical benefit of Cabometyx ® i
Mobidiag Receives Final €4M Tranche of €15M EIB Financing15.11.2018 09:30 | Tiedote
Mobidiag Ltd., a commercial stage molecular diagnostics company addressing the spread of antimicrobial resistance, announced today that it has received the final €4M tranche of a €15M three-year project secured by the Company from the European Investment Bank Group (EIB) in July 2016. The loan was provided as part of “InnovFin – EU Finance for innovators” programme, an EIB initiative aimed at providing innovative and high quality companies in Europe with access to finance. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181114005786/en/ The EIB funding has already enabled Mobidiag to finalize, launch and commercialize its Novodiag® molecular diagnostic system and two assays for detection of gastrointestinal infections (Novodiag® C. difficile and Novodiag® Bacterial GE+). The final tranche will enable the Company to continue growing its product portfolio, accelerate the development of further assays for the Novodiag® system an
Highlights of China’s No. 1 High-Tech Fair CHTF 201815.11.2018 05:00 | Tiedote
The 20th China Hi-Tech Fair (CHTF 2018) is being held from November 14-18 at the Shenzhen Convention and Exhibition Center with the theme “New Development Concept for High Quality Growth.” This year’s CHTF consists of exhibitions, forums, professional meetings, supporting activities, talents exchange meetings and overseas fairs, and features advanced manufacturing, next-generation information technology, AI, life sciences, new materials, new energy, as well as integration of real economy and future industries. Here are some of the highlights of CHTF 2018: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181114005654/en/ International and Belt & Road Pavilion of CHTF (Photo: Business Wire) Themed areas focusing on industry hotspots The IT exhibition will present themed areas like AI, smart manufacturing, smart automotive, sports technology, big data, cloud computing, IoT and blockchain; the environmental exhibition will highlig
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme