KUALA LUMPUR: A sustainable company would have to be built on sound governance, culture-centric philosophy and consistency in developing talent as no company can rely solely on its founders, said founder and executive chairman of Alibaba Group Holding Ltd, Jack Ma.
In a letter issued to Alibaba’s customers, employees and shareholders, the company has develop a system of governance based on a unique culture and mechanisms for developing consistent talent and successors to solve the problem of corporate leadership succession.
The letter was also issued on the announcement of Alibaba Group’s chief executive officer (CEO), Daniel Zhang to succeed Ma as chairman of the board of Alibaba Group on Sept 10, 2019, the statement said.
“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,” said Ma in the letter.
“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,” he added.
To achieve long-term sustainable growth, a company needs the right balance among system, people and culture as Alibaba Group partnership system and efforts to safeguard its culture will in time win over the love and support from customers, employees and shareholders.
Ma is a lifetime partner in the Alibaba Partnership and is a member of its partnership committee. He will complete his current term as a member of Alibaba Group’s board of directors until its annual general meeting of shareholders in 2020.
Alibaba Group’s mission is to make it easy to do business anywhere and the company aims to achieve sustainable growth for 102 years. For the fiscal year ended March 2018, the company reported revenues of US$39.9 billion or RM165.59 billion. - Bernama