Alibaba Billionaire Ma Steps Down as CEO Before Likely IPO
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Billionaire Jack Ma, founder of Alibaba Group Holding Ltd., said he plans to focus on environmental protection and education as he steps down as chief executive officer of China’s largest e-commerce company before an initial public offering.
Ma won’t return as Alibaba’s CEO, he said yesterday during a company event in Hangzhou, China, as he ceded the role to successor Jonathan Lu. The company will continue supporting small and medium-sized enterprises in China, said Ma, who will remain executive chairman and shape strategy. Ma told employees in January about his plan to step down as CEO.