Alibaba set for ‘big challenge’ as flamboyant chairman Ma departs

Alibaba Group chairman Jack Ma will step down from the Chinese firm on Tuesday, leaving his hand picked successor a daunting task of steering the $460 billion juggernaut at a time when the market for its core e-commerce business has slowed sharply.

As Ma, who turns 55 on Tuesday, holds centrestage at his farewell party in the 80,000-capacity Hangzhou Olympic Sports Center stadium to the accompaniment of music and celebrity performances, attendees will be hoping to get clues on how Alibaba will be run under his heir Daniel Zhang.