At the 10th anniversary celebration of Jack Ma, founder of Alibaba, stepped down as CEO and handing over the position of CEO to Jonathan Lu Zhaoxi.

Ma first announced the decision on January 15 and Alibaba chose Ma’s successor in March.   Ma will continue to serve as chairman and make strategic decisions.  “I am CEO of Alibaba until midnight and I will embrace my new life starting tomorrow,” the 48-year-old businessman spoke at the celebration.

He also reviewed the history of Alibaba Group, Taobao’s parent company, and said he wanted to give young people more chance.  Ma’s successor, 43-year-old Lu, Alibaba executive vice president, has been working for the group since 2000, founding the sales team and its online payment service, Alipay.