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Alibaba CEO to step down, assume chairman position

01/15, 6:03pm

Jack Ma steps down, says younger people have 'more brilliant dreams'

Jack Ma, chief executive officer of Chinese e-retail giant Alibaba, has announced that he will step aside from his current role with the company. Ma, under whose tenure Alibaba has become the second largest online company in China, says he will assume the role of executive chairman. Ma also says that most of Alibaba's leaders "born in the 1960s" will also be handing off their leadership responsibilities to younger Alibaba executives.

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