Jack Ma has officially stepped down as a chairman of the biggest Chinese e-commerce company Alibaba. His decision to resign became known in 2018. Daniel Zhang, the company’s chief executive, is going to be the next Alibaba’s chairman. According to preliminary data, Jack Ma won’t retire completely. He will continue participating in the company's important decisions. Ex-chairman will also remain a member of Alibaba Partnership, a group of senior executives of enterprises within Alibaba Group.

New chairman Daniel Zhang has been working in Alibaba since 2007. He had served as financial director of the Taobao trading platform and became its head in 2008. Zhang has been the financial director of Alibaba Holding since 2013, and its CEO since 2015. Heading the Board of Directors, Daniel Zhang should take on a number of serious responsibilities such as a search for new development paths of the company. The key Alibaba’s e-commerce business is facing difficulties at the moment. In many ways, it is connected with a fall in retail sales in China. The sales volume halved compared to last year. According to Daniel Zhang, restoring the company's retail business is his top priority.

Jack Ma announced before leaving that “Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba”. Previously, the ex-head of the corporation was engaged in teaching. It is possible that he will resume the experience again, analysts say.