The founder of Alibaba Group, Jack Ma, one of the drivers of Chinese retail sales on the Internet, left on Tuesday the presidency of the largest e-commerce company in the world at a time of uncertainty in the changing industry for the tariff war between China and the United States.
Ma, one of the wealthiest and most well-known businessmen in China, left office on his 55th birthday, in a succession plan announced last year.
It will be replaced by the current CEO, Daniel Zhang, which will share the leadership with 35 other partners who control the company.
The now former president of the company will continue to be part of Alibaba Partnership, who have the right to appoint the majority of the components of the company's board of directors.
Ma, a former English teacher, founded Alibaba in 1999 to connect Chinese exporters with US retailers.
Since then, the company changed its focus to serve the growing consumer market in China and expanded to the electronic banking, entertainment and cloud computing. His domestic business accounted for 66 percent of his income of 16.7 billion dollars in the quarter ending in June.
The chinese retail sales They face a moment of uncertainty over the trade war between Beijing and Washington, which increased the cost of US imports.
The growth of online sales fell to 17.8 percent in the first half of 2019, coinciding with the slowdown in the country's economic growth, compared to 23.9 percent in 2018 as a whole.
Alibaba reported a 42 percent increase in its revenues in the one-year period ending in June to 16.7 billion dollars, and its profit grew 145 percent to 3 billion 100 million. However, the data was slightly below the 51 percent increase in revenue recorded throughout 2018.
Total goods sold through the company's e-commerce platforms rose 25 percent last year to $ 853 billion. His main American rival, Amazon, reported total sales of 277 billion dollars.
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