Jack Ma, who founded e-commerce giant Alibaba Group and helped launch China’s online retailing boom, announced that he will step down as the company’s chairman next September. In a letter released by Alibaba, Ma said he will be succeeded by CEO Daniel Zhang, an 11-year veteran of the company. Alibaba said Ma will remain a member of the Alibaba Partnership, a group of 36 people with the right to nominate a majority of its board of directors. That arrangement limits shareholder control, but Ma has defended it as a way to keep Alibaba focused on long-term development. “This transition demonstrates that Alibaba has stepped up to the next level of corporate governance from a company that relies on individuals, to one built on systems of organisational excellence and a culture of talent development,” said Ma’s letter. .

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