Jack Ma announced that he’ll retire as executive chairman of Alibaba Group Holding Ltd.in 2019, and that he will be succeeded by CEO Daniel Zhang.
Zhang, who became chief executive officer three years ago, is a certified accountant and a major force behind Alibaba’s ‘New Retail’ technology – touted as a revolutionary shift in retail industry encompassing digital shopping, physical stores, e-payments and logistics. Zhang also led mega shopping bonanza events such as the annual Singles' Day .The company’s stock has grown +87% during Zhang’s tenure.