Jonathan Lu Zhaoxi, executive vice president of Chinese e-commerce giant Alibaba Group will become the company's CEO, replacing Jack Ma, it was announced Monday.

Lu, 43, has been working for Alibaba since 2000, a year after the company was founded.

He founded the Alibaba.com sales team in Guangdong, was also the founding president of Alipay (Alibaba's online payment service), and is currently Alibaba's chief data officer and president of Aliyun Mobile OS.

According to an Alibaba announcement, Lu will take office on May 10.

Jack Ma, founder of Alibaba, who is stepping down as CEO at the age of 48, will remain Alibaba Group executive chairman.

"He [Lu] is passionate about and familiar with the group's various businesses. Not only has he contributed to building our culture and organization and developed many talented people, he also possesses a unique leadership style and charisma," Ma wrote in an email sent to Alibaba employees.

Ma, who announced his decision in January, said he will focus on shaping the group's business strategy, management development and philanthropy.

Alibaba Group, founded in 1999, provides services for Internet users from more than 240 countries and regions across the world. Alibaba and its relevant companies have more than 24,000 employees in more than 70 cities worldwide.

Alibaba Group exec to become company's CEO