Jack Ma, a billionaire pioneer of China's internet industry, will step down as Alibaba's executive chairman next year to make way for the company's next generation of leaders. "No company can rely solely on its founders," Ma said in a letter Monday to customers, employees and shareholders. A former English teacher, Ma started Alibaba (BABA) nearly two decades ago in his apartment and built it into a $420 billion business. The e-commerce company said CEO Daniel Zhang will succeed Ma in 12 months' time. He's mild mannered, he's more Clark Kent, and Jack's the Superman," said Duncan Clark, the author of "Alibaba: The House That Jack Ma Built."

Source: CNN September 10, 2018 01:28 UTC