Chinese e-commerce giant Alibaba names new CEO

Posted date: March 12, 2013 In: Business

BEIJING (AP) – Alibaba Group, one of the world’s biggest e-commerce companies, said Monday its executive vice president will succeed founder Jack Ma as chief executive.

Ma, 48, announced in January he was stepping down as CEO to make way for younger leaders. He stayed on as chairman.

Chinese Internet entrepreneur, Jack Ma Yun

Jonathan Lu Zhaoxi, a 13-year veteran of the company, will take over in May as CEO, said the company, based in the eastern city of Hangzhou.

“He is passionate about and familiar with the group’s various businesses,” said Ma in the announcement. “Not only has he contributed to building our culture and organisation and developed many talented people, he also possesses a unique leadership style and charisma.”

Ma, a former English teacher, founded Alibaba in 1999 to link Chinese suppliers with retailers abroad. It has expanded in consumer e-commerce with its Taobao and Tmall platforms, which are among the world’s busiest online outlets.