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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Taj Mahal top earning ASI monument through ticket sales from FY19-20 to FY23-24: Govt
New Delhi, Apr 3 (PTI): The iconic Taj Mahal in Agra earned the "highest income" through the sale of tickets among the ASI-protected monuments from FY19-20 to FY23-24, according to data shared by the government.
Union Culture Minister Gajendra Singh Shekhawat shared the data in a written response to a query in Rajya Sabha.
He was asked the amount that the Archaeological Survey of India (ASI) has received from selling entry tickets to various monuments in the last five years, year-wise and monument-wise; and the monuments that have received the highest income through selling entry tickets in the last five years.
In his response, the minister shared the data in a tabular form for cycles of financial years ranging from FY19-20 to FY23-24.
According to the data, Taj Mahal earned the top slot for all five years.
The Mughal-era architectural wonder was commissioned by Emperor Shah Jehan in the 17th century and it is considered one of the most beautiful buildings in the world.
In FY19-20, the Agra Fort in Agra and Qutub Minar in Delhi were in the second and third positions.
In FY20-21, the Group of Monuments Mamallapuram in Tamil Nadu and Sun Temple, Konark were in the second and third positions. In FY23-24, Qutub Minar and Red Fort of Delhi were in the second and third positions.
