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Alibaba announces Jack Ma succession plan: CEO Daniel Zhang to take over as chairman in a year

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Alibaba announces Jack Ma succession plan: CEO Daniel Zhang to take over as chairman in a year

Dear Alibaba customers, Aliren, and shareholders,

Today, as we mark the 19th anniversary of Alibaba, I am excited to share some news with you:

with the approval of our board of directors, one year from today on September 10, 2019 which also falls on Alibaba’s 20th anniversary, Group CEO Daniel Zhang will succeed me as chairman of the board of Alibaba Group. While remaining as executive chairman in the next 12 months, I will work closely with Daniel to ensure a smooth and successful transition. Thereafter, I will stay on the Alibaba board of directors until our annual shareholders meeting in 2020.

I have put a lot of thought and preparation into this succession plan for ten years. I am delighted to announce the plan today thanks to the support of the Alibaba Partnership and our board of directors. I also want to offer special thanks to all Alibaba colleagues and your families, because your trust, support and our joint enterprise over the past 19 years have prepared us for this day with confidence and strength.

This transition demonstrates that Alibaba has stepped up to the next level of corporate governance from a company that relies on individuals, to one built on systems of organizational excellence and a culture of talent development.

When Alibaba was founded in 1999, our goal was to build a company that could make China and the world proud and one that could cross three centuries to last 102 years. However, we all knew that no one could stay with the company for 102 years. A sustainable Alibaba would have to be built on sound governance, culture-centric philosophy, and consistency in developing talent. No company can rely solely on its founders. Of all people, I should know that. Because of physical limits on one’s ability and energy, no one can shoulder the responsibilities of chairman and CEO forever.

We asked ourselves this question 10 years ago – how could Alibaba achieve sustainable growth after Jack Ma leaves the company? We believed the only way to solve the problem of corporate leadership succession was to develop a system of governance based on a unique culture and mechanisms for developing consistent talent and successors. For the last 10 years, we kept working on these ingredients.

Having been trained as a teacher, I feel extremely proud of what I have achieved. Teachers always want their students to exceed them, so the responsible thing to do for me and the company to do is to let younger, more talented people take over in leadership roles so that they inherit our mission “to make it easy to do business anywhere.” Carrying out this mission in order to help small businesses, young people and women around the world is my passion. This is not only our intent from day one but I feel blessed to have this opportunity. To realize the dream behind this mission requires participation by a lot more people than just Jack Ma and persistent effort by generations of Aliren.

Alibaba is amazing not because of our business or scale or accomplishments. The best thing about Alibaba is that we come together under a common mission and vision. Our partnership system, unique culture and talented team have laid a strong foundation for the legacy of our company. In fact, since I handed over the CEO’s responsibilities in 2013, the company has run smoothly for five years on the back of these institutional ingredients.

The partnership system we developed is a creative solution to good governance and sustainability, as it overcomes several challenges faced by companies of scale: continuous innovation, leadership succession, accountability and cultural continuity. Over the years, in iterating our management model, we have experimented with and improved on the right balance between systems and individuals. Simply relying on individuals or blindly following a system will not solve our problems. To achieve long-term sustainable growth, you need the right balance among system, people and culture. I have full confidence that our partnership system and efforts to safeguard our culture will in time win over the love and support from customers, employees and shareholders.

Since the founding of the company in 1999, we have been of the view that Alibaba’s future will need to depend on “droves of talent” to enable us to iterate on our management succession plans. After years of hard work, today’s Alibaba has a world-class talent pool in quality and quantity. The teacher in me feels extremely proud of our team, our leadership and our unique mission-driven culture, as well as the fact that we continue to develop exceptional business leaders and professional talent like Daniel Zhang.

Daniel has been with Alibaba Group for 11 years. Since he took over as CEO, he has demonstrated his superb talent, business acumen and determined leadership. Under his stewardship, Alibaba has seen consistent and sustainable growth for 13 consecutive quarters. His analytical mind is unparalleled, he holds dear our mission and vision, he embraces responsibility with passion, and he has the guts to innovate and test creative business models. Deservedly, China’s business news media has named him the No.1 CEO in 2018. For these reasons, he and his team have won the trust and support of customers, employees and shareholders. Starting the process of passing the Alibaba torch to Daniel and his team is the right decision at the right time, because I know from working with them that they are ready, and I have complete confidence in our next generation of leaders.

As for myself, I still have lots of dreams to pursue. Those who know me know that I do not like to sit idle. I plan on continuing my role as the founding partner in the Alibaba Partnership and contribute to the work of the partnership. I also want to return to education, which excites me with so much blessing because this is what I love to do. The world is big, and I am still young, so I want to try new things – because what if new dreams can be realized?!

The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba.

Jack Ma

September 10, 2018

,

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Oil extends slide from 7 percent slump the day before as outlook darkens

SINGAPORE (Reuters) – Oil markets slipped again on Wednesday, extending losses from a 7 percent plunge the previous session as surging supply and the specter of faltering demand scared off investors. FILE PHOTO: Oil pours out of a spout from Edwin Drake’s original 1859 well that launched the modern petroleum industry at the Drake Well…

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Oil extends slide from 7 percent slump the day before as outlook darkens

SINGAPORE (Reuters) – Oil markets slipped again on Wednesday, extending losses from a 7 percent plunge the previous session as surging supply and the specter of faltering demand scared off investors.

FILE PHOTO: Oil pours out of a spout from Edwin Drake’s original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS/Brendan McDermid/File Photo

U.S. West Texas Intermediate (WTI) crude oil futures were at $55.50 per barrel at 0514 GMT, down 19 cents from their last settlement.

International benchmark Brent crude oil futures LCOc1 were down 22 cents at $65.25 per barrel.

Crude oil has lost over a quarter of its value since early October in what has become one of the biggest declines since prices collapsed in 2014.

The slump in spot prices has turned the entire forward curve for crude oil upside down.

Spot prices in September were significantly higher than those for later delivery, a structure known as backwardation that implies a tight market as it is unattractive to put oil into storage.

By mid-November, the curve had flipped into contango, when crude prices for immediate delivery are cheaper than those for later dispatch. That implies an oversupplied market as it makes it attractive to store oil for later sale.

Oil markets are being pressured from two sides: a surge in supply and increasing concerns about an economic slowdown.

U.S. crude oil output from its seven major shale basins is expected to hit a record of 7.94 million barrels per day (bpd) in December, the U.S. Department of Energy’s Energy Information Administration (EIA) said on Tuesday.

That surge in onshore output has helped overall U.S. crude production C-OUT-T-EIA hit a record 11.6 million bpd, making the United States the world’s biggest oil producer ahead of Russia and Saudi Arabia.

Most analysts expect U.S. output to climb above 12 million bpd within the first half of 2019.

“This will, in our view, cap any upside above $85 per barrel (for oil prices),” said Jon Andersson, head of commodities at Vontobel Asset Management.

The surge in U.S. production is contributing to rising stockpiles.

U.S. crude stocks climbed by 7.8 million barrels in the week ending Nov. 2 to 432 million as refineries cut output, data from industry group the American Petroleum Institute showed on Tuesday.

The producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) has been watching the jump in supply and price slump with concern.

OPEC has been making increasingly frequent public statements that it would start withholding crude in 2019 to tighten supply and prop up prices.

“OPEC and Russia are under pressure to reduce current production levels, which is a decision that we expect to be taken at the next OPEC meeting on Dec. 6,” said Andersson.

That puts OPEC on a collision course with U.S. President Donald Trump, who publicly supports low oil prices and who has called on OPEC not to cut production.

Reporting by Henning Gloystein; Editing by Joseph Radford

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1.1 million Marylanders expected to travel for Thanksgiving

More than 1.1 million Marylanders will travel for the Thanksgiving holiday weekend, the most in more than a dozen years, according to AAA Mid-Atlantic projections.It’s the fourth straight year the auto club has projected Thanksgiving travel volumes of more than 1 million people in Maryland. Roughly one in every six state residents are expected to…

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More than 1.1 million Marylanders will travel for the Thanksgiving holiday weekend, the most in more than a dozen years, according to AAA Mid-Atlantic projections.

It’s the fourth straight year the auto club has projected Thanksgiving travel volumes of more than 1 million people in Maryland. Roughly one in every six state residents are expected to go away between Wednesday and Sunday of the holiday weekend.

“As the economy continues to grow, along with wages, disposable income and household wealth, many Marylanders are feeling enough confidence to not hold back on spending, which is evident by this year’s robust holiday travel forecast,” AAA Mid-Atlantic spokeswoman Ragina Cooper Averella said in a statement.

Most will drive, and low gas prices could be playing a role in their decision, she said.

After hitting a high of $2.99 per gallon of regular unleaded gasoline over Memorial Day weekend, the average price at the pump in Maryland had fallen to $2.37 as of Tuesday, according to AAA.

Prices have fallen 30 cents in the last month and 7 cents in the past week. The current average is within 5 cents of the lowest price this year, set March 9.

“Prices could drop even lower, especially if there is a surge in gasoline production after refiners fully restart units from the fall maintenance season, and oil prices continue to remain stable,” Averella said.

If possible, the 91 percent of travelers who are driving to their destinations should try to avoid the early evening commute period next week, which is expected to be the most congested, according to AAA, which worked with INRIX, a global mobility analytics company, on its projections. Sunday is expected to be busy, too.

To avoid the gridlock, Troy Brad, 30, of Glen Burnie, plans to leave for Virginia before sunrise Wednesday, between 5 and 6 a.m.

He’ll spend Thanksgiving with his children and his mother’s and sister’s households, about a dozen family members in total, at a time-share in Massanutten, Va., they bought this summer.

“The whole wolf pack,” Brad called his crew. “It’s going to be a nice family event.”

Kristina Turner will be one of more than 82,000 Marylanders expected to fly for Thanksgiving — although she is taking a little longer than a holiday weekend for her trip.

The 24-year-old, who lives in Baltimore’s Mount Vernon neighborhood, is headed to Portugal Tuesday for a three-week trip to Barcelona, Paris, London and Brussels with her boyfriend, Sergeant First Class Marion Brawley, during his time off from his deployment in Afghanistan, she said.

Turner said she is more excited to see Brawley than she is worried about long wait times at Baltimore/Washington International Thurgood Marshall Airport.

“It’s overdue!” she said.

Nearly 22,000 are expected to travel by train, bus, boat or other mode of transportation, which is roughly flat compared with last year, AAA said.

cmcampbell@baltsun.com

twitter.com/cmcampbell6

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Japan’s Economy Shrank in July-September as Trade Falls

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