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Alibaba’s Jack Ma not retiring for now: Report (Lead)

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By Gaurav Sharma
Beijing, Sep 9 (IANS) Ali Baba co-founder and Executive Chairman Jack Ma is not retiring for now and will unveil a succession strategy on Monday when he turns 54, the South China Morning Post reported on Sunday.

The Hong Kong based-daily, which is owned by Ma, denied a New York Times report based on the billionaire’s interview that he planned to announce his retirement and do philanthropy.

“The Times story was taken out of context (is) and factually wrong,” an Alibaba spokesperson was quoted as saying by the newspaper.

The official said Ma remains the company’s Executive Chairman and will provide transition plans over a significant period of time.

Ma is China’s biggest success story whose rags-to-riches tale is an inspiration for many.

Ma, who is one of the richest men in the world and whose net worth is $36.6 billion, was once a teacher in China’s small town Hangzhou where Alibaba is headquartered.

Alibaba is the one of the world’s largest e-commerce giants, which has forayed into different sectors like cloud computing.

Although not directly present in the online marketplace, Alibaba’s diversified portfolio in India include top-of-the-line investments in digital payments platform Paytm, in Cloud computing via Alibaba Cloud, in the digital media space via UCWeb and several innovation initiatives that makes China an attractive destination for the $420 billion conglomerate.

Ma, who also serves on the board of Japanese corporation SoftBank Group, always has big plans.

He is set to announce a succession plan on Monday on his 54th birthday, the Post reported.

“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,” it reported.

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.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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