Alibaba founder Jack Ma to step down from SoftBank Group’s board
- Jack Ma’s exit would conclude his 13-year stint as board member at the Japanese technology conglomerate
- SoftBank is one of e-commerce giant Alibaba’s largest shareholders
The resignation of Ma, 55, is expected to become official at SoftBank’s 40th annual general meeting on June 25, when 10 of the company’s current 11 board members are to be re-elected, according to a statement from SoftBank on Monday, ahead of its latest financial results announcement.
That would conclude Ma’s 13-year stint as board member at SoftBank, one of Alibaba’s largest shareholders. Alibaba, the parent company of the South China Morning Post, remains SoftBank founder and chief executive Masayoshi Son’s most successful tech bet to date.
SoftBank and Ma’s office did not immediately respond to separate requests for comment on Monday.
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Ma’s departure from the SoftBank board marks the latest indication of his resolve to focus on philanthropic pursuits.
