Company News 

Seven days: 14 September 2018

Seven days: 14 September 2018

Alibaba's Ma steps down

Jack Ma, founder of Alibaba, China’s most valuable company, ended speculation this week by confirming he would step down from his role as chairman. Mr Ma will be replaced by Daniel Zhang, who will add the role to his current position as chief executive. Mr Zhang is taking the reins at a time when margins are coming under pressure from the tech giant’s pivot to 'new retail', which has required increased spending on a physical estate with longer lead times than its digital operations. Founded by Mr Ma 19 years ago in his apartment, Alibaba’s market value now stands at just over $408bn.

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