Alibaba Group Holdings Ltd.’s billionaire founder Jack Ma will step down as chief executive officer, stoking speculation that China’s largest e-commerce company is preparing for an initial public offering.
Ma, 48, will remain chairman, he said in a letter to employees yesterday. He will end his tenure as CEO on May 10, when a replacement will probably be named. The former English teacher, who has led Alibaba since its formation in 1999, has a net worth of $3.4 billion, according to the Bloomberg Billionaires Index.
