Jack Ma, the executive chairman of Chinese e-trade giant Alibaba, will step down in a yr, the corporate has confirmed.
the scoop follows conflicting stories over the weekend on the timing of his exit.
Mr Ma, one in all China’s richest males, will hand over the reins to Daniel Zhang, lately Alibaba’s leader govt.
Alibaba is one of the world’s most valuable companies – its stocks just about doubled in price remaining 12 months.
Mr Zhang becomes executive chairman on 10 September 2019, the company mentioned in an announcement.
Mr Ma will stay a director on Alibaba’s board for now and a permanent member of the Alibaba Partnership, in keeping with the South China Morning Post.
The billionaire co-based Alibaba in 1999 and has observed it grow to be one in all the world’s greatest internet companies.
Mr Ma has a present internet value of $36.6bn (£28.3bn), in keeping with Forbes.