Jack Ma, the Chinese entrepreneur who founded e-commerce giant Alibaba, stepped down as the company’s chairman today.
last year. The company has expanded into an array of different businesses that include healthcare, entertainment, cloud computing, food delivery and offline retailers, where it’s seeking to transform physical stores with new technologies like digital payments and facial recognition.
Ma has been succeeded by Daniel Zhang, who will hold the title of both CEO and executive chairman after today. Zhang, a former accountant who joined Alibaba in 2007, rose through the ranks by overseeing some of Alibaba’s most important events. Zhang is known as the main architect behind Singles Day, Alibaba’s annual shopping bonanza that hit $30.8 billion in sales last year, an amount that is larger than Black Friday in the U.S.
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