SINGAPORE (Sept 10): Jack Ma today announced his plans to step down as the Chinese e-commerce giant’s board chairman, one year from today on Sept 10, 2019.

In an open letter issued by Ma today to Alibaba’s customers, employees and shareholders, Ma named the company’s CEO Daniel Zhang, who has been with Alibaba for 11 years, as his intended successor.

As part of the handover, Ma says he will continue as an executive chairman of the company over the next twelve months from the effective date to ensure a smooth transition of chairmanship.

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