Alibaba slides after its chairman announces he'll step down in a year (BABA)

Shu Zhang/Reuters

• Alibaba shares dropped after the company announced that Jack Ma, its co-founder and executive chairman, will step down in a year.
• CEO Daniel Zhang will succeed Ma, who will remain a permanent member of the Alibaba Partnership after retirement.
• Jefferies analysts said the 12-month timeframe would enable a smooth transition with lower "key-man risk" following Ma's reduced role in Alibaba.
• Watch Alibaba trade in real-time here.

Shares of Alibaba dropped 1.7% Monday ahead of the opening bell after the Chinese e-commerce giant announced that Jack Ma, its co-founder and executive chairman, will step down on September 10, 2019.

CEO Daniel Zhang will succeed him as chairman.

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