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Alibaba Group Chairman Jack Ma Stepping Down

Business

Alibaba Group Chairman Jack Ma Stepping Down

Alibaba Group chaiman Jack Ma has announced he will step down next year to pave way for new blood to take over management of the e-commerce giant.

“No company can rely solely on its founders … because of limits on one’s physical capacity and energy,” Jack Ma said in a letter. “No one can take on the responsibilities of president and CEO forever,” he said.

Alibaba said Ma will remain a member of the Alibaba Partnership, a group of 36 people with the right to nominate a majority of its board of directors. That arrangement limits shareholder control, but Ma has defended it as a way to keep Alibaba focused on long-term development.

“This transition demonstrates that Alibaba has stepped up to the next level of corporate governance from a company that relies on individuals, to one built on systems of organizational excellence and a culture of talent development,” said Ma’s letter.

Alibaba operates e-commerce sites Taobao and Tmall, which dominate much of online sales in China.

e-commerce sales in China rose 32.2 percent last year to 7.2 trillion yuan ($1.1 trillion), accounting for 20 percent of total retail spending.

 

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