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Alibaba chief steps down
Business

Alibaba chief steps down

Pennews

Mr. Jack Ma, who founded Alibaba Group, the world's biggest e-commerce company,  stepped down as chairman at a time when the rapidly changing industry faces uncertainty amid a US-Chinese trade war.

Mr. Ma stepped down on Tuesday as part of a succession announced a year earlier. He will stay on as a member of the Alibaba Partnership, a group of 36 people with the right to nominate a majority of the company’s board of directors.

Mr. Ma, 55, founded Alibaba in 1999 to connect Chinese exporters to American retailers. The company has shifted its focus to serving China's growing consumer market. Domestic businesses accounted for 66 per cent of its  16.7 billion dollars in revenue in the quarter ending in June.