Alibaba's Jack Ma to announce succession plan, not retirement
Beijing, Sep 9 : Jack Ma, Alibaba Group Holding's co-founder and executive chairman is set to announce a succession plan on Monday on his 54th birthday and said that he would not retire immediately, the South China Morning Post reported.
This development comes a day after the New York Times reported that the Chinese billionaire would step down to pursue philanthropy in education.
"Jack Ma, who co-founded the world's largest e-commerce platform, will unveil a succession strategy next week, part of a management plan 10 years in the making for grooming a generation of younger executives to take over the reins of Asia's most valuable company," the Alibaba-owned South China Morning Post reported late Saturday.
Ma is also scheduled to speak at the company's investor's day in mid-September.
According to Alibaba's report filed with the US Securities and Exchange Commission, Ma is a lifetime member of the Alibaba Partnership, which is a group of 36 senior managers who are responsible for maintaining the mission and culture of the Internet company.
"I sat down with our senior executives 10 years ago and asked what Alibaba would do without me," Ma was quoted as saying by the SCMP.
"I'm very proud that Alibaba now has the structure, corporate culture, governance and system for grooming talent that allows me to step away without causing disruption."
Known as Ma Yun in mainland China, he is slated to travel to Russia next week to formalise Alibaba's venture with Mail.ru -- the internet company owned by Russian tycoon Alisher Usmanov and sovereign wealth fund Russian Direct Investment Fund (RDIF).
Ma gave up the title of Alibaba CEO in 2013 but remains a pivotal figure within the firm.
Last month, Alibaba reported a 60 per cent increase in quarterly sales, even as profits fell and its annual revenue totals about 250 billion yuan ($40 billion).
Alibaba has changed the way people work in China. Millions of people now run their own shops selling goods on its Taobao e-commerce platform or stream their own videos on its entertainment platforms, The Financial Times reported.
Taobao is estimated to have created almost 37 million jobs in China, according to a study last year by Renmin University's School of Labour and Human Resources.
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Supreme Court rejects plea for reverting to ballots in elections
New Delhi (PTI): The Supreme Court on Tuesday dismissed a petition seeking to revert to ballot paper voting in elections in the country.
"What happens is, when you win the election, EVMs (electronic voting machine) are not tampered. When you lose the election, EVMs are tampered (with)," remarked a bench of Justices Vikram Nath and P B Varale.
Apart from ballot paper voting, the plea sought several directions including a directive to the Election Commission to disqualify candidates for a minimum of five years if found guilty of distributing money, liquor or other material inducement to the voters during polls.
When petitioner-in-person K A Paul said he filed the PIL, the bench said, "You have interesting PILs. How do you get these brilliant ideas?".
The petitioner said he is the president of an organisation which has rescued over three lakh orphans and 40 lakh widows.
"Why are you getting into this political arena? Your area of work is very different," the bench retorted.
After Paul revealed he had been to over 150 countries, the bench asked him whether each of the nations had ballot paper voting or used electronic voting.
The petitioner said foreign countries had adopted ballot paper voting and India should follow suit.
"Why you don't want to be different from the rest of the world?" asked the bench.
There was corruption and this year (2024) in June, the Election Commission announced they had seized Rs 9,000 crore, Paul responded.
"But how does that make your relief which you are claiming here relevant?" asked the bench, adding "if you shift back to physical ballot, will there be no corruption?".
Paul claimed CEO and co-founder of Tesla, Elon Musk, stated that EVMs could be tampered with and added TDP chief N Chandrababu Naidu, the current chief minister of Andhra Pradesh, and former state chief minister Y S Jagan Mohan Reddy had claimed EVMs could be tampered with.
"When Chandrababu Naidu lost, he said EVMs can be tampered with. Now this time, Jagan Mohan Reddy lost, he said EVMs can be tampered with," noted the bench.
When the petitioner said everybody knew money was distributed in elections, the bench remarked, "We never received any money for any elections."
The petitioner said another prayer in his plea was the formulation of a comprehensive framework to regulate the use of money and liquor during election campaigns and ensuring such practices were prohibited and punishable under the law.
The plea further sought a direction to mandate an extensive voter education campaign to raise awareness and importance of informed decision making.
"Today, 32 per cent educated people are not casting their votes. What a tragedy. If democracy will be dying like this and we will not be able to do anything then what will happen in the years to come in future," the petitioner said.
