Alibaba's Jack Ma to unveil succession plan next week, remain chairman

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Alibaba Group Holding Ltd's billionaire co-founder Jack Ma will announce a succession plan on Monday to hand the reins of his sprawling empire to a new generation of leaders but will remain executive chairman for the time being. Ma will announce the plan on his 54th birthday and the handover strategy will stretch over a significant period of time, the South China Morning Post (SCMP) newspaper reported citing a company spokesman. Alibaba declined to comment but pointed towards the SCMP story when asked about Ma's plans.