Alibaba CEO Jack Ma to make way for next-gen leader

BANGALORE, INDIA: E-commerce company, Alibaba's chief executive officer, Jack Ma, has decided to relinquish his post to encourage and groom next-generation leaders in the company he founded.

Alibaba was established in 1999 and has continued to grow over the last decade-and-a-half. Although the successor to Jack Ma is not named yet, it is being reported that he would do so on May 10.

Ma, however, will continue to be the executive chairman and plans to name his successor when his title change becomes effective on May 10, said a New York Times report.

"We believe that they understand the future better than us, and then have a better chance of seizing the future," the 48-year-old Ma was quoted writing in an e-mail to his employees.

"I'm no longer young enough to run such a fast-growing business," Ma said in the interview with DealBook. "When I was 35, I was so energetic and fresh-thinking. I had nothing to worry about."

Just a week ago, Alibaba said that it would demerge into 25 smaller divisions to give its managers more flexibility. Now, it is being speculated that the company would go for an IPO in the coming months, and Ma's plan is to prepare his internal leadership team for that.