Alibaba co-founder and chairman Jack¹ Ma on Monday announced in an open letter that he would step down in a year, with the company CEO Daniel Zhang taking over as the chairman of the board.

 

阿里巴巴联合创始人、董事长马云周一在一封公开信中宣布，明年他将不再担任集团董事局主席，由现任集团CEO张勇接任。

 

In the letter entitled "Happy Teachers' Day," Ma said he would retire as the chairman of the board on Sept. 10, 2019, Alibaba's 20th anniversary.

 

Ma said he would work closely with Zhang to ensure a smooth transition and stay on the Alibaba board of directors until the annual shareholders² meeting in 2020.

 

He said he had made preparations for a 10-year succession plan to develop a system of corporate³ governance based on culture and mechanism⁴ for developing consistent talent and successors.

 

Ma resigned from the post of CEO on May 10, 2013. He said the company ran smoothly⁵ for five years on the back of the institutional ingredients.

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