Alibaba CEO Steps Down, Considers Himself Too Old to Run Internet Company
Tweet Send to a Friend
Get Alerts YHOO Hot Sheet
Trade YHOO Now!
Jack Ma, 48, founder of Alibaba Group, is stepping down as CEO. Ma hinted he might call it quits recently so the news isn't a surprise to many, but it does raise questions about leadership at the Chinese Internet company.
Ma said he would name an internal candidate as successor on May 10th, the day he plans to give up reins.
In a statement, the prominent China leader complained about his age, saying he was no longer 'young' for the Internet business:
"It's not because I wanted to take things easy (though the job of Alibaba CEO is no easy task), it's because I see that Alibaba's young people have better, more brilliant, dreams than mine, and they are more capable of building a future that belongs to them," he said.
Ma will transition to a new roll as Chairman.
Last year, Yahoo (Nasdaq: YHOO) and Alibaba struck a deal allowing the China company to buy back half of the stake owned by Yahoo. The deal allows Alibaba greater freedom to control its own fate. That fate, it seems, will be in the hands of an unknown youngster hand picked by Mr. Jack Ma.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Ma said he would name an internal candidate as successor on May 10th, the day he plans to give up reins.
In a statement, the prominent China leader complained about his age, saying he was no longer 'young' for the Internet business:
"It's not because I wanted to take things easy (though the job of Alibaba CEO is no easy task), it's because I see that Alibaba's young people have better, more brilliant, dreams than mine, and they are more capable of building a future that belongs to them," he said.
Ma will transition to a new roll as Chairman.
Last year, Yahoo (Nasdaq: YHOO) and Alibaba struck a deal allowing the China company to buy back half of the stake owned by Yahoo. The deal allows Alibaba greater freedom to control its own fate. That fate, it seems, will be in the hands of an unknown youngster hand picked by Mr. Jack Ma.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Yahoo! (YHOO) Board Said to Approve $1.1B Tumblr Deal
- Clearwire (CLWR) Active as DISH Eyes Lightsquared Spectrum
- Yahoo!'s (YHOO) Mayer: We Won't Screw Up Tumblr!
Create E-mail Alert Related Categories
Insiders' Blog, Management Changes
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
