SHANGHAI, China — Alibaba co-founder Jack Ma announced on Monday he would step down as leader of the pioneering Chinese e-commerce giant in one year, but insisted that a planned leadership transition would not break the company's stride. Ma will stay on as executive chairman until September 10, 2019 before handing over his role to chief executive officer Daniel Zhang, Alibaba said in a statement. "While remaining as executive chairman in the next 12 months, I will work closely with Daniel to ensure a smooth and successful transition," Ma said in the statement. The statement did not specify exactly what Ma planned to do after stepping down but said he wants to "return to education". Alibaba, which has shares listed in New York, sought to reassure investors of the change, with Ma saying he had "full confidence" that the system and leadership put in place will "win support from customers, employees and shareholders."

Source: Philippine Star September 10, 2018 03:22 UTC