China’s Alibaba Group Chairman Jack Ma is leaving the firm on Tuesday, September 10, at a time when business has taken a dive, Reuters reported on Monday (Sept. 9).
Ma’s hand-picked successor is Daniel Zhang, an accountant by trade.
“He has the logic and critical thinking skills of a super-computer, a commitment to his vision, the courage to wholeheartedly dare to take on innovative business models and industries of the future,” Ma said of Zhang in 2018 in a message announcing his appointment.
As CEO, Zhang’s leadership style will likely be noticeably different than Ma, who is considered “flamboyant and charismatic” and is among the most recognized Chinese entrepreneurs.
Ma, a former English teacher, launched Alibaba 20 years ago from his shared apartment in the city of Hangzhou in eastern China, the article said.
One of Zhang’s major challenges will be finding new areas of growth as China’s eCommerce sector matures, analysts said.
“If Alibaba wants to find new innovations or trends, this is going to be more difficult than before,” Liu Yiming, an analyst at the research division of 36kr, a Chinese tech publishing group, told Reuters. “For Daniel Zhang, this will be a big challenge.”
Earlier this month, Alibaba announced a deal to buy NetEase’s cross-border retail platform Kaola for US$2 billion. The deal comes amid a general push in China to promote more cross-border eCommerce. Under the acquisition, Kaola will merge with Alibaba’s Tmall Global while still operating independently to create a massive cross-border eCommerce business.
China’s cross-border eCommerce market hit US$1 trillion in transactions in the first quarter of 2019, 36Kr reported. Despite Kaola’s impressive growth, NetEase, known for its gaming and music operations, has been looking to sell its eCommerce unit for most of the year.
Full Content: PYMNTS
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI