Alibaba names 27 partners that will determine who will serve as director on the board
In an updated filing with the Securities and Exchange Commission, Alibaba has announced the names of the 27 partners that will determine who will serve as a director on the board at the online retailing giant after the company goes public. The 27 partners includes 22 employees like CEO and founder Jack Ma.
Alibaba filed for an initial public offering in the U.S. Alibaba could be the biggest market debut in corporate history.
Alibaba is using a unique partnership model where only a handful of insiders control the company with a different class of more influential stock. Alibaba formalized this model in 2010 and it will continue after going public. Alibaba believes that this model is more fair than a dual-class stock structure. Alibaba will elect new partners every year.
Alibaba updated the SEC document with updated revenue figures for the fiscal year ended March 31st. Alibaba saw revenue rise more than 50% to $8.45 billion. Profits almost tripled to $3.75 billion. Alibaba previously provided financial figures for only the first 9 months of its fiscal year with results up to the end of December.
Other directors that will be on the board includes SoftBank CEO Masayoshi Son and Yahoo! co-founder Jerry Yang.