Chinese e-commerce giant Alibaba names new CEO

BEIJING (AP) — Chinese e-commerce giant Alibaba Group says its executive vice president has been named to succeed founder Jack Ma as chief executive.

Alibaba said Monday that Jonathan Lu Zhaoxi, a 13-year veteran of the company, will take over in May as CEO.

Ma, 48, is one of the world's most successful Internet entrepreneurs. He announced in January he was stepping down as CEO to make way for younger leaders but would stay on as chairman.

Ma, a former English teacher, founded Alibaba in 1999 to link Chinese suppliers with retailers abroad. It has expanded in consumer e-commerce with its Taobao and Tmall platforms, which are among the world's busiest online outlets.