Jack Ma to step down as Alibaba CEO, stay on as chairman

Alibaba founder Jack Ma.

(Credit: Alibaba Group)

Alibaba founder Jack Ma has announced that he will step down from his company's chief executive post.

Ma sent an e-mail to employees today, saying that it was a "difficult decision," according to Reuters, which obtained a copy of the note. He said that while he will be stepping down as CEO, he will stay on at Alibaba as chairman of the company's board of directors.

Ma and Alibaba have yet to name a successor, though Ma said his replacement would be announced May 10. It seems likely, given the tone of the 48-year-old Ma's letter, that the replacement will be younger.

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  by Don Reisinger via CNET