Jack Ma will step down from Alibaba next year

Jack Ma: Globalization is going through growing pains

Jack Ma is stepping down as Alibaba's executive chairman next year, the company announced Monday.

"No company can rely solely on its founders," Ma said in a letter. "Because of physical limits on one's ability and energy, no one can shoulder the responsibilities of chairman and CEO forever."

Ma, a former English teacher who started Alibaba (BABA) nearly two decades ago, will be succeeded by current CEO Daniel Zhang.

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