BEIJING (AP) - One of China's most successful Internet entrepreneurs, Jack Ma, founder of e-commerce giant Alibaba Group, says he is stepping down as chief executive but will remain chairman.
Ma said in a letter to employees on Tuesday that he would no longer be CEO after May 10 but would remain active as executive chairman of Alibaba Group. The company's business-to-business Alibaba and consumer-oriented Taobao and Tmall platforms are among the world's busiest e-commerce outlets.
Ma, a former English teacher, founded Alibaba in 1999. The Hurun Report, which follows China's wealthy, estimated his net worth last year at $2.4 billion.
Ma's letter said his successor as CEO would be named by May 10 but gave no indication who it might be.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.