Jack Ma says it’s his responsibility to let Alibaba go, warns of protracted US-China trade war
On succession planning, Ma said that his decision to step down was to ensure leadership renewal
After Alibaba Group executive chairman Jack Ma announced a week ago that he will hand over the chairmanship to chief executive Daniel Zhang in a year’s time as part of succession planning, he received calls from all over the world.
Some asked whether he was crazy, stricken with disease, being brought down by the government, scared of the US-China trade war, or even whether “something like Minnesota is happening,” Ma said at the company’s annual investor event on Tuesday in Hangzhou, possibly referring to the arrest of JD.com founder Richard Liu Qiangdong in Minnesota on a rape accusation.
“I said no. To me, this is not today, this is a ten-year preparation.”
In a wide-ranging speech, Ma explained the rationale for his decision to step down, offered his thoughts on succession planning, the future of Alibaba and the US-China trade relationship.
Ma was the last speaker at the two-day event, which saw the heads of Alibaba’s various business units make presentations on their operations and plans.
On succession planning, Ma said that his decision to step down was to ensure leadership renewal. He also had other goals to achieve, such as philanthropy, especially in education.
“If I start to retire at 64 I don’t think I’ll retire, because if I retire at 64 I will have nothing to do, I’ll stay in the company all the time, torture all the young people like most of the old guys.”