Some shocking news in China's e-commerce sector, Jack Ma, founder of the country e-commerce giant-Alibaba Group announced he will step down as chief executive on May 10th, although he will still remain as chairman.

According to a letter to employees, Ma said younger employees are better placed to run the company and will name a successor by May 10th. Ma said stepping down as a founder CEO is a difficult decision. The shift is a significant one for Alibaba and follows moves announced last week to chop the group into 25 smaller divisions to give managers more flexibility.

Jack Ma is one of China's best known internet entrepreneurs and founded the company in 1999 to tap the nation's enormous online shopping potential.

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