Before he steps away in 2019, the founder must create a business model for his successor to build on.
When Jack Ma founded Alibaba Group Holding Ltd. 19 years ago, he created more than just a company that would become a global e-commerce giant. Over the past two decades, he proved that the Chinese could embrace technology and e-commerce as much as Western counterparts. Along the way, Ma became a role model to entrepreneurs in China, inspiring startups and helping build a tech industry that rivals Silicon Valley.
Ma will hand over the reins as chairman to Chief Executive Officer Daniel Zhang in September 2019 and stay on the board until Alibaba’s 2020 annual shareholder meeting, the company announced on Sept. 10. The succession plan will combine Alibaba’s two biggest roles for the first time since Ma gave up his CEO title in 2013 to focus on being chairman and grooming his lieutenants, including Zhang, who joined the company’s Taobao marketplace in 2007 as chief financial officer.
“Since he took over as CEO,” Ma wrote in a 1,000 word open letter announcing the moves, Zhang “has demonstrated his superb talent, business acumen and determined leadership. Under his stewardship, Alibaba has seen consistent and sustainable growth for 13 consecutive quarters.” Yet, while Ma has named a management successor, he hasn’t put in place a new business model for Zhang to build upon.
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