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

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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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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