Jack Ma, co-founder of China’s Alibaba Group, will step down from chairman position when he turns 55 on September 10. The handover tomorrow is being perceived as symbolic as he will stay on the board until his term expires in 2020. The succession planning of Ma, who will be leaving on a relatively high note, distinguishes him from many of his contemporaries.

Ma has groomed the company’s next generation of leaders, including successor Daniel Zhang and chief financial officer Maggie Wu, to take over. As part of a management reshuffle in June, the latter was elevated to oversee the company's strategic investments division.

The $460 billion-plus company has taken steps to improve governance and transparency. It last year published its first environmental, social and governance report.

Alibaba announced the succession plan on September 10 last year and said Jack Ma was a ‘lifetime partner’ in the Alibaba Partnership and also a member of the partnership committee, according to global newswires.. The partnership is made up of 36 individuals and has the right to nominate a majority of the company's director. (DS)

Fibre2Fashion News Desk – India

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