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BEIJING (Reuters) - Alibaba Group Holding Ltd’s (BABA.N) billionaire co-founder Jack Ma will announce a succession plan on Monday to hand the reins of his sprawling empire to a new generation of leaders but will remain executive chairman for the time being. Ma will announce the plan on his 54th birthday and the handover strategy will stretch over a significant period of time, the South China Morning Post (SCMP) newspaper reported citing a company spokesman. Alibaba declined to comment but pointed toward the SCMP story when asked about Ma’s plans.
Ma, who co-founded Alibaba in 1999, stepped down as chief executive in 2013, He currently serves as the company’s international face letter p cufflinks at top political and business events, The New York Times reported on Friday that Ma would retire from the e-commerce company on Monday as the former English teacher seeks to focus on philanthropy in education, China’s third richest person with a net worth of $36.6 billion according to Forbes magazine, Ma was quoted by the New York Times as saying his retirement was not the end of an era, but the beginning of one..
While Ma’s plan to gradually step back is a milestone, analysts and industry professionals said it was unlikely his involvement would change significantly. “I don’t think it means that much, frankly. He stepped back from the CEO role about four or five years ago and very specifically made a comment about wanting the younger people to lead the company,” said Kevin Carter, founder of The Emerging Markets Internet exchange-trade fund. Ma oversees a number of charitable projects in education and environmental fields. He is a cult figure in China’s internet industry and has attracted a big following among entrepreneurs and in pop culture. At events, he is often met with screaming fans.
Ma maintains a prominent international profile, frequently inviting global leaders to the company’s Hangzhou headquarters, Last year, he met U.S, President Donald Trump, who described him as “smart” and “open minded”, Alibaba was founded by 18 people led by Ma, China’s biggest e-commerce firm, it now has more than 66,000 full-time employees, the company’s latest annual filing showed, The company had a market letter p cufflinks value of about $420 billion as of Friday, Ma also controls Ant Financial, which was valued at about $150 billion after a recent fundraising round..
The succession plans come at a tricky time for Chinese tech firms. Authorities have increasingly sought to regulate the industry where Alibaba and main rival Tencent Holdings Ltd (0700.HK) are battling for consumers. Trade tensions also present a new challenge for Chinese tech firms, especially those like Alibaba which are rapidly expanding overseas. This year, regulators shot down a $1.2 billion bid for money transfer service Moneygram International Inc MG.O by Ant Financial on national security grounds, which the company said was related to “geopolitical” changes.
(Reuters) - A “wide range” of Apple Inc (AAPL.O) products including the Apple Watch would be affected by proposed U.S, tariffs on Chinese goods, the company told U.S, trade officials, but gave no sign of an impact on its iPhone cash cow, Apple did not disclose specific letter p cufflinks revenues for most of the affected products, but of those the Apple Watch may be the biggest seller, It brought in about $6.1 billion in revenue last year, according to an estimate from analyst firm Bernstein, That represents a small portion of Apple’s $229 billion in overall sales..
Apple laid out the impact on its products of the Trump administration’s proposed tariffs on $200 billion worth of Chinese goods in an unsigned letter it submitted on Wednesday to U.S. officials as part of a public comment period. On Friday, U.S. President Donald Trump, speaking aboard Air Force One, said that he has tariffs on an additional $267 billion in Chinese goods “ready to go on short notice if I want.”. Cell phones, the biggest U.S. import from China, have so far been spared, but would be hit if Trump activates the new $267 billion tariff list.
AirPods headphones, some of Apple’s Beats headphones and its new HomePod smart speaker also face levies as part of the proposed tariffs on $200 billion worth of Chinese goods, according to letter p cufflinks the letter submitted on Wednesday, “Our concern with these tariffs is that the U.S, will be hardest hit, and that will result in lower U.S, growth and competitiveness and higher prices for U.S, consumers,” Apple said in the letter, Apple did not respond to requests for comment, The letter did not mention the iPhone, which accounted for about two-thirds of Apple’s $229 billion in revenue in its most recent fiscal year, The letter also made no mention of the iPad, which brought in $19.2 billion in sales in the most recent year, or most of its Mac computers, which generated $25.8 billion..