BEIJING : Alibaba Group founder Jack Ma, who helped launch China’s online retailing boom, stepped down as chairman of the world’s biggest e-commerce company Tuesday at a time when its fast-changing industry faces uncertainty amid a U.S.-Chinese tariff war.
Ma, one of China’s wealthiest and best-known entrepreneurs, gave up his post on his 55th birthday as part of a succession announced a year ago. He will stay on as a member of the Alibaba Partnership, a 36-member group with the right to nominate a majority of the company’s board of directors.
Chinese retailing faces uncertainty amid a tariff war that has raised the cost of U.S. imports. Alibaba says its revenue rose 42% over a year earlier in the quarter ending in June to $16.7 billion and profit rose 145% to $3.1 billion. Still, that was off slightly from 2018’s full-year revenue growth of 51%. The total amount of goods sold across Alibaba’s e-commerce platforms rose 25% last year to $853 billion. By comparison, the biggest U.S. e-commerce company, Amazon.com Inc., reported total sales of $277 billion.
Alibaba’s deputy chairman, Joe Tsai, told reporters in May the company is “on the right side” of issues in U.S.-Chinese trade talks. Tsai said Alibaba stands to benefit from Beijing’s promise to increase imports and a growing consumer market.
Ma’s successor as chairman is CEO Daniel Zhang, a former accountant and 12-year veteran of Alibaba. He previously was president of its consumer-focused Tmall.com business unit.