[Beijing]Jack Ma Of Alibaba Faces Churr In Shoes So Steps Down
Jack Ma, founded Alibaba Group, the world’s biggest e-commerce company
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 % of its USD 16.7 billion in revenue in the quarter ending in June.
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