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.
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.
(Make sure you don't miss fresh news updates from us. Click here to stay updated )