"Ma will continue as the executive chairman of the company over the next 12 months to ensure a smooth transition to Zhang," a statement from Alibaba said.
The co-founder of the company, Ma, will, however, remain as a board member of the Alibaba Group until the annual shareholder meets in 2020.
"Ma is a lifetime partner in the Alibaba Partnership and is a member of its partnership committee," the statement added.
Founded in 1999 by Chinese teacher-turned-entrepreneur Jack Ma as a platform to connect Chinese manufacturers with the world, Hangzhou-based Alibaba stands among one of the largest companies in the world.
Apart from its online shopping portals, Alibaba also offers electronic payment services and cloud computing services.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)