Alibaba CEO Zhang to succeed Jack Ma as chairman
"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.