Alibaba’s Jack Ma Steps Down as Industry Faces Uncertainty
Jack Ma founded Alibaba in 1999.
Jack Ma founded Alibaba in 1999.(Photo: AP)

Alibaba’s Jack Ma Steps Down as Industry Faces Uncertainty

Jack Ma, who founded Alibaba Group, the world's biggest e-commerce company, stepped down as chairman on Tuesday, 10 September, at a time when the rapidly changing industry faces uncertainty amid a US-Chinese trade war.

His decision comes a 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.

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 percent of its $16.7 billion in revenue in the quarter ending in June.

Also Read : Sex for 6 Days, 6 Times: Alibaba Founder Jack Ma’s Sex Advice

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