Investing: Alibaba’s Jack Ma Passes Reign to CEO Zhang
INVESTING – Jack Ma will pass his reign as the executive chairman of Alibaba Group Holding Ltd. to Chief Executive Officer Daniel Zhang in succeeding him on the most valuable company in Asia.
On Monday, the Hangzhou-based company said that Ma will still remain in his position until the annual meeting of shareholders of Alibaba in 2020. The accordance of his retirement is with his 55th birthday.
Ever since Ma has become one and the same with the company he helped found in his apartment nearly 20 years ago. Ma utilized his position in developing managerial talent since he assumed the post in 2013. Ma will occupy a dominant position in China and will lead to overseas markets from Southeast Asia to Russia. The leadership of Alibaba will be in the hands of Zhang and the other 35 partners who will control the company.
“Starting the process of passing the Alibaba torch to Daniel and his team is the right decision at the right time because I know from working with them that they are ready. Since he took over as CEO, he has demonstrated his superb talent, business acumen, and determined leadership,” Ma said.
Ma was a former English teacher and has started the company in 1999 as a business-to-business marketplace alongside with him is his 17 co-founders. To possibly allow customers of buying online, an investment from Japan’s SoftBank Group Corp has helped the expansion of the company. Platforms such as Taobao and Tmall have helped the company to earn billions of dollars in sales. Further, the daily package deliveries last year have reached 55 million.
Since then, Alibaba shifted to various services beyond e-commerce such as cloud computing, digital payments, healthcare, Hollywood movies and backing the startups of China. The price share of the company has more than doubled from its record 2014 initial public offering. In fact, Alibaba’s market value climbed to about $420 billion.
“Ma possesses an enviable clarity about how everything fits together. He has understood Chinese consumer needs better than anyone and provided online services to meet them through convenience, entertainment and efficiencies,” said China Skinny Founder Mark Tanner.
Investing: Coca-Cola to buy Costa Coffee at $5.1B
The purchase signifies the first meaningful venture of Coca-Cola into the coffee market as the company targets to diversify in the slowdown in sales of the sugary beverages.
The deal is likely to impact the coffee market and has been seen as a direct challenge over Starbucks’ dominance in the United States.
Compared to Starbucks, Costa Coffee has a lot more stores in the UK and has been already expanding globally prior to the takeover.
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