Alibaba's New Boss: The Finance Vet Who Quietly Shook Things Up
- Daniel Zhang will succeed Jack Ma as chairman in a year
- He emerged from among 36 partners to lead Asia’s largest firm
Stewardship of Asia’s most valuable company is passing to a financial wizard who has led the company’s effort to drag the traditional retail industry into the 21st century.
Jack Ma will step down as executive chairman of Alibaba Group Holding Ltd. in 2019, handing the reins to Daniel Zhang, who became chief executive officer barely three years ago. The 46-year-old certified accountant has been the driving force behind a mandate to transform old-school commerce using technology that it’s dubbed “New Retail.” Since his ascension, the Shanghai-educated executive has proven a capable operator, designing and pulling off mega-events such as the annual Singles’ Day shopping bonanza. The company’s stock has risen about 90 over his tenure through Thursday and Alibaba has a market value of more than $425 billion, eclipsing WeChat operator Tencent Holdings Ltd.