Chinese e-commerce giant Alibaba names new CEO

Mar 11, 2013 by Joe Mcdonald

Alibaba Group, one of the world's biggest e-commerce companies, said Monday its executive vice president will succeed founder Jack Ma as chief executive.

Ma, 48, announced in January he was stepping down as CEO to make way for younger leaders. He stayed on as chairman.

Jonathan Lu Zhaoxi, a 13-year veteran of the company, will take over in May as CEO, said the company, based in the eastern city of Hangzhou.

"He is passionate about and familiar with the group's various businesses," said Ma in the announcement. "Not only has he contributed to building our culture and organization and developed many talented people, he also possesses a unique leadership style and charisma."

Ma, a former English teacher, founded Alibaba in 1999 to link Chinese suppliers with retailers abroad. It has expanded in consumer e-commerce with its Taobao and Tmall platforms, which are among the world's busiest online outlets.

Ma is part of a generation of Chinese Internet entrepreneurs who built successful businesses in e-commerce, entertainment, search and other fields. In addition to Ma, several others have become billionaires, including Robin Li of search giant Baidu and Ma Huateng of Tencent, an entertainment and Web portal company.

Lu, who joined Alibaba in 2000, was the founding president of its online payment service Alipay and worked in Taobao, the company said.

Alibaba announced a reorganization in January to transform its seven business units into 25 smaller divisions to compete more effectively in China's turbulent Internet market.

China has the world's biggest population of Internet users, with 564 million people online at the end of 2012, according to an industry group, the China Internet Network Information Center.

The country trails the United States and Japan in total e-commerce spending but is forecast by the Boston Consulting Group to take the No. 1 position by 2015.

Explore further: Brazil's Coelho offers $100,000 for N. Korea parody film

More information: Alibaba Group: www.alibaba.com

not rated yet
add to favorites email to friend print save as pdf

Related Stories

China's Alibaba splits online shopping unit Taobao

Jun 16, 2011

China's largest e-commerce company Alibaba Group announced Thursday it has split its consumer online shopping platform Taobao into three firms to adapt to an increasingly competitive landscape.

China grants Alibaba payment system license

May 26, 2011

(AP) -- An online payment system founded by Chinese e-commerce giant Alibaba Group was granted a government license, the company said Thursday, following an ownership change that rattled investors in partner Yahoo Inc.

Jack Ma: English teacher turned Internet billionaire

May 21, 2012

After being knocked back by American venture capitalists in 1999, Jack Ma -- a cash-strapped entrepreneur -- convinced friends to give him $60,000 to start Chinese online retailer Alibaba.com.

Alibaba chief 'interested' in buying Yahoo!

Oct 03, 2011

The head of Chinese Internet giant Alibaba is "interested" in buying Yahoo! and has been approached by private equity firms and other groups about doing a deal, The Wall Street Journal reported on Monday.

China's Alibaba chief silent on Yahoo stake

Sep 10, 2011

The head of Chinese Internet giant Alibaba, Jack Ma, Saturday gave no hint of the future of Yahoo!'s stake in his firm but said he wasn't responsible for the recent ouster of its chief.

Recommended for you

2012 movie massacre hung over 'Interview' decision

13 hours ago

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

Clooney slams skittish Hollywood after Sony hack

19 hours ago

Film star George Clooney slammed the Hollywood movie industry for failing to stand up against the cyber threats that prompted Sony Pictures to cancel release of the movie "The Interview."

Atos shares soar after Xerox acquisition

22 hours ago

Shares in French tech firm Atos soared nearly five percent on Friday as traders cheered the news it had bought the IT wing of Xerox for more than $1 billion.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.