BEIJING : Alibaba co-founder and chairman Jack Ma will unveil a succession plan on Monday, the South China Morning Post reported Sunday, with a company spokesman denying a New York Times report that he would retire that day. The SCMP reports that Ma plans to unveil his succession strategy on Monday, not his imminent retirement. But an Alibaba spokesman told the SCMP that the New York Times' story "was taken out of context, and factually wrong". The paper added that the Monday succession strategy was part of a plan "for grooming a generation of younger executives to take over the reins" of the company. The New York Times' report surprised many in the global business community because of Ma's comparative youth, especially in China where it is not unusual for tycoons to remain in place into their eightees.

Source: Bangkok Post September 09, 2018 00:56 UTC