Jack Ma of Chinese e-commerce giant Alibaba will officially step down today as CEO

May 10, 2013 Leave a comment

Jack Ma to step down as Alibaba CEO today

2013-05-10 02:40:42 GMT2013-05-10 10:40:42(Beijing Time)  SINA English

Jack Ma of Chinese e-commerce giant Alibaba will officially step down today as CEO, according to Chinese media reports. He will be succeeded by his right-hand man Lu Zhaoxi. Alibaba was one of the earliest entrants into the Chinese online sector and has benefited hugely from its growth. A former English teacher, Ma set up Alibaba in 1999, convincing friends to fund him with $60,000 and picking a recognisable name with the aim of helping small firms find treasure by selling through the internet. Ma has inspired a generation of young Chinese with his open, no-nonsense and humorous personality. Both Taobao and Alibaba are owned by Alibaba Group, a private company based in the eastern city of Hangzhou. For many in China, life just wouldn’t be the same without Taobao, the country’s largest online shopping platform. In late April, Alibaba Group announced it will pay US$586 million for an 18 percent stake in Sina Corp’s Weibo microblog service.

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