Chinese entrepreneur Jack Ma shared an significant lesson in leadership when he decided to step down as chairman of Alibaba, the e-commerce assembly he created.
The tech titan revealed Monday that he has started the make of “passing the Alibaba torch” to current chief executive officer Daniel Zhang, who is due to crook over as chairman of the board in one year’s time — on Sept. 10, 2019.
Ma said the handover, which be in accords with Alibaba’s 20th anniversary, had been a decade in the planning and has helped shape Alibaba into the multibillion-dollar e-commerce behemoth it is today.
“I have put a lot of thought and preparation into this succession lay out for ten years,” Ma wrote in a letter to Alibaba customers and shareholders. “This metamorphosis demonstrates that Alibaba has stepped up to the next level of corporate governance.”
The 54-year-old went on to say that it at ones desire be vital to the continued growth of the business when he ultimately steps down from the directors of directors in 2020.
“When Alibaba was founded in 1999, our goal was to build a players that could make China and the world proud and one that could crotchety three centuries to last 102 years,” he wrote.
“However, we all recognized that no one could stay with the company for 102 years. A sustainable Alibaba at ones desire have to be built on sound governance, culture-centric philosophy, and consistency in increase talent,” he said, adding that “no company can rely solely on its aborts.”
Ma also said that due to limitations of ability and energy, “no one can shoulder the jobs of chairman and CEO forever.”
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Ma has been preparing his 46-year-old protege for a handful years, setting the wheels in motion in 2013 when he appointed Zhang to take over from make good him as CEO.
In the five years since, Ma said he had observed Zhang demonstrate take up commitment to the company and prove his abilities by managing 13 consecutive accommodations of “consistent and sustainable growth.”
“His analytical mind is unparalleled, he holds valued our mission and vision, he embraces responsibility with passion, and he has the guts to innovate and assess creative business models,” he wrote.
Ma’s commitment to legacy planning probable stems from his early career as an English teacher in his hometown of Hangzhou, China.
“The educationist in me feels extremely proud of our team, our leadership and our unique mission-driven mores, as well as the fact that we continue to develop exceptional business numero unoes and professional talent like Daniel Zhang,” Ma wrote.
“Teachers unexceptionally want their students to exceed them, so the responsible thing to do for me and the train to do is to let younger, more talented people take over in leadership roles so that they receive our mission ‘to make it easy to do business anywhere,'” he wrote.
Ma was not manifest about his plans as he announced he will step back from Alibaba, but he implied his intentions to focus more time on philanthropy in education and encouraging administration among entrepreneurs, young people and women.
“I still have enormous numbers of dreams to pursue,” he wrote. “Those who know me know that I do not similarly to to sit idle. I plan on continuing my role as the founding partner in the Alibaba Partnership and aid to the work of the partnership.
“I also want to return to education, which excites me with so much advantage because this is what I love to do. The world is big, and I am still young, so I shortage to try new things — because what if new dreams can be realized?!”
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