Alibaba's Ma steps down, turns to NGO

Ma Yun, founder of the Alibaba Group, stepped down as CEO of the firm Friday, ending his 14-year reign in the top job of China's biggest e-commerce company.

Lu Zhaoxi, a veteran of the company who has worked in nearly all of the group's divisions since joining in 2000, was announced as Ma's successor.

Lu, 43, is a former CEO of taobao.com, the country's largest consumer-to-consumer online platform.

"I have expected today for many years … but I will not come back as the CEO any more because I trust this young man [Lu] will do better," said Ma at the 10th anniversary party for taobao.com held Friday at the Yellow Dragon Stadium in Hangzhou, East China's Zhejiang Province.

As for his future plans, Ma hinted that he would become an environmental campaigner and philanthropist. "Before turning 48 [in September 2012], working was my life. After 48, living is my life," he said.

Ma, who headed the Alibaba Group since its founding in 1999, led the company to billions of yuan in annual sales.

According to a regulatory filing by major shareholder Yahoo Inc., the Alibaba Group saw 80.4 percent growth of revenue to $1.84 billion in the fourth quarter of last year ending in December, marking a 171.1 percent jump in net profits.

Ma, who will soon begin his tenure as chairman of environmental NGO Nature Conservancy, will remain on the board of the Alibaba Group.

Over the past six months, the Alibaba Group has divided its structures into 25 departments and set up small- and micro-financial services groups to consolidate its online payment and micro loan businesses.

The company has made a series of investments over the past year, including a $40 million injection into Momo, or Hi Stranger, a location-based mobile app that allows users to communicate with strangers around them.

The Alibaba Group also sealed its purchase of online music service xiami.com, while also securing an 18 percent stake in Sina Weibo, a Twitter-like microblogging platform, for $586 million.

Rumors have circulated that the Alibaba Group could purchase up to a 30-percent stake in digital map maker AutoNavi, with insiders hinting the deal is likely to be announced Monday.