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Alibaba's Jack Ma resigns; SoftBank proposes three new board members

The departure of Ma, who retired as Alibaba's executive chairman in September, comes as he pulls back from formal business roles to focus on philanthropy

Jack Ma, executive chairman of Chinese internet conglomerate Alibaba Group

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Ma's exit follows the departure of Tadashi Yanai, founder and CEO of Uniqlo parent Fast Retailing <9983.T>, who resigned from the board late last year to focus on his fashion business.

Reuters Tokyo

2 min read Last Updated : May 18 2020 | 8:35 AM IST

SoftBank Group Corp said on Monday that Alibaba co-founder Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son.

The departure of Ma, who retired as Alibaba's executive chairman in September, comes as he pulls back from formal business roles to focus on philanthropy.

SoftBank will propose three new appointments to the board, including group Chief Financial Officer Yoshimoto Goto, at its annual general meeting on June 25. The number of board members will expand to 13.

SoftBank will also propose the election of Lip-Bu Tan, CEO of chip design software

Topics : SoftBank Jack Ma Alibaba

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