Alibaba’s Ma steps down as industry faces uncertainty

Author: 
AP
ID: 
1568092524231101000
Tue, 2019-09-10 04:46

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

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Source: FS – All-News-Economy
Alibaba’s Ma steps down as industry faces uncertainty