Alibaba founder Jack Ma stepping down as CEO
BEIJING (AP) - One of the world's most successful Internet entrepreneurs, Mr Jack Ma, founder of e-commerce giant Alibaba Group, announced on Tuesday he is stepping down as chief executive officer (CEO) but will remain chairman.
In a letter to employees, Mr Ma said he would no longer be CEO after May 10 but will remain active as executive chairman. He said a successor will be named by May but gave no indication who it will be.
Alibaba Group's business-to-business Alibaba and consumer-oriented Taobao and Tmall platforms are among the world's busiest e-commerce outlets. The group manages Yahoo Inc.'s China arm.
Mr Ma, a former English teacher, founded Alibaba in 1999 to link Chinese suppliers with retailers abroad. The Hurun Report, which follows China's wealthy, estimated his net worth last year at US$2.4 billion (S$2.9 billion).