Alibaba founder Jack Ma to focus on mentoring
Jack Ma Yun aims to mould the young staff at the mainland e-commerce giant into world-class leaders as the firm restructures
Jack Ma Yun, the English teacher turned successful internet entrepreneur, caught many by surprise last month when he revealed plans to step down as chief executive of e-commerce giant Alibaba Group on May 10.
That came a few days after Alibaba, which Ma founded in 1999, announced a sweeping restructuring that will divide the group into 25 business units under the direction of two committees, one for strategy and the other for operations.
In an e-mail sent to Alibaba's more than 24,000 employees worldwide on January 15, Ma said he decided to relinquish his position as chief executive because the company had people who "are better equipped to manage and lead an internet ecosystem like ours".
Ma described how he realised years ago that he was not suited to be a traditional chief executive of a big firm.
He said that "at 48 I am no longer 'young' for the internet business". What he aims to be is "a good partner to more capable colleagues", which he intends to accomplish by continuing his role as executive chairman.
Ma described the restructuring as "the most difficult reorganisation" in Alibaba's history. But it is a bet to stay competitive in the mainland's fast-growing e-commerce market. JP Morgan has estimated this market to be worth US$436 billion in 2015.