Jack Ma backs Alibaba restructure efforts

Alibaba (9988) cofounder Jack Ma Yun has penned a lengthy memo to employees expressing support for the internet giant's restructuring efforts, a rare move from the billionaire after spending the last few years out of the spotlight.

He said the tech giant is on track for growth in the era of artificial intelligence.

The post, made in an internal company forum, comes a year after Alibaba announced a decision to split into six units, its biggest shake-up in its 25-year history.

Ma also praised the efforts of new chairman Joe Tsai and chief executive Wu Yong, who took over the reins last year and led the historic reorganization, though e-commerce giant has shelved the listings of Cainiao, Alibaba Cloud and Freshippo amid a market downturn.

He said the split had helped streamline decision-making, making Alibaba more agile and customer-focused.

He also said Alibaba had made many mistakes in the past.

"We must not only have the courage to admit and correct yesterday's problems in a timely manner but also make reforms for the future," he said.