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News Summary: Alibaba's Jack Ma resigns as CEO

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News,Business

FOUNDER RESIGNS: One of the world's most successful Internet entrepreneurs, Jack Ma, announced Tuesday he is stepping down as chief executive of Alibaba Group, the e-commerce company he founded. Ma will remain as chairman.

THE COMPANY: Alibaba Group's business-to-business Alibaba and consumer-oriented Taobao and Tmall platforms are among the world's busiest e-commerce outlets. The group manages Yahoo Inc.'s China arm.

THE MAN: Ma, a former English teacher, founded Alibaba in 1999 to link Chinese suppliers with retailers abroad. He said that at 48, he is no longer young by Internet industry standards and Alibaba needs to promote younger leaders.

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