Alibaba Group Holding Ltd. (NYSE:BABA) co-founder Jack Ma has reportedly resurfaced with a comprehensive internal memo, stirring speculation about his future role in the company.
What Happened: Ma has emerged with a detailed message to his staff, hinting at a more prominent role after years of low public visibility, Reuters reported on Tuesday.
The internal memo, Ma’s most extensive communication within Alibaba in five years, was shared on the company’s forum. It follows Alibaba’s decision last year to restructure into six separate units, the most significant overhaul since its inception.
Following the memo’s release, Alibaba’s Hong Kong-listed shares experienced a 5% increase. Ma’s note commended the leadership of CEO Eddie Wu and Chairman Joe Tsai, acknowledging the company’s past errors and emphasizing the need for timely corrections and future reforms. This internal endorsement comes as Alibaba has faced challenges, including a CEO change, halted unit listings, and increased competition in e-commerce.
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