Jack Ma Also Leaves Alibaba Board of Directors

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Ma Yun (Jack Ma), the founder of Alibaba, China's largest e-commerce company, has completed the management succession process as he leaves the board of directors, Pengpai (The Paper) reported on the 1st.

According to the report, Alibaba announced the new board of directors appointed at the shareholders' meeting the day before, and Ma Yun's name was not included.

New members joining the board include Kabir Misra, Managing Partner of SoftBank Capital, and Wu Wei, Alibaba's Chief Financial Officer (CFO), who was ranked 3rd among female entrepreneurs by Forbes China this year.

Ma Yun handed over the chairman position of the board to CEO Zhang Yong on September 10 last year, marking Alibaba's 20th anniversary, at the age of 55.

Ma Yun remains one of Alibaba's partners. Under Alibaba's partner system, partners recommend the majority of the board members, and Ma Yun and co-founder Cai Chongxin (Joe Tsai) are permanent partners.

Meanwhile, Alibaba announced that its cloud computing business is expected to turn a profit for the first time in this fiscal year. Cloud computing has been the fastest-growing sector within Alibaba in recent years.