Alibaba’s e-commerce tycoon Jack Ma steps down as chairman

Jack Ma is stepping down as chairman of Alibaba, the e-commerce titan he founded back in 1999.

His departure from the role was announced back in 2018. The current CEO Daniel Zhang will step in to take his seat.

However, that does not mean Ma is leaving Alibaba. He will remain on the company’s board of directors until Alibaba’s annual general shareholders’ meeting in 2020. Additionally, Ma will keep being a lifetime partner of Alibaba Partnership, a group drawn from the senior management’ ranks or Alibaba Group different enterprises.

Alibaba was recently in the news after announcing the opening of its first European bricks and mortar store in Spain in September this year. The opening was seen as a way to consolidate the company’s grip of the continent and to strengthening its position against American rival Amazon.

Around the same time, Alibaba revealed that online banking payments enterprise Trustly would offer payment services for the e-commerce platform.

Back in July, Alibaba also announced a partnership with Nigerian FinTech company Flutterwave. The partnership would enable both entities to claim a bigger piece of the China-Africa trade.

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