The keys to the house that Jack built are being handed over. Alibaba, founded by Jack Ma 20 years ago, has now paved the way for the two men who built the Chinese ecommerce giant to exit: Mr Ma steps down as chairman in September, and executive vice-chairman Joe Tsai is decanting some of his responsibilities.
Last week, less than a year after Mr Ma announced his departure, Alibaba said that Maggie Wu, chief financial officer, would take on strategic investments, working alongside Mr Tsai.
Messrs Ma and Tsai are inextricably linked with the company, which has grown to a market capitalisation of $400bn-plus and last year generated revenues of $56bn. Mr Tsai, said Duncan Clark, a tech consultant who wrote a book on Alibaba, is “the alter ego to the more unpredictable Jack” — an urbane, Yale-educated lawyer as comfortable talking with the heads of sovereign wealth funds as with local merchants.