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Jack Ma, the charismatic co-founder of China’s largest e-commerce firm Alibaba Group Holding Ltd, will step down as chairman in one year to concentrate on philanthropy and education, passing on the reins to trusted lieutenant Daniel Zhang.
Ma, who turned 54 on Monday, has long flagged plans to step back, insisting that Alibaba management should be relatively young and his retirement is not expected to affect the running of the company.
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