Jack Ma, founder of China’s largest e-commerce company Alibaba, has announced his resignation as chief executive, the latest step in a long-running restructuring of the group that dominates the fiercely competitive sector.

In a letter to staff, Mr Ma, a godfather of the Chinese internet and one of China’s management gurus, said he would relinquish the post of chief executive on May 10 but remain as executive chairman. “In the future, my responsibilities as chairman will focus on strategic issues under the guidance of our board of directors, and I will assist the CEO in the development of our culture and talent as well as helping our team to strengthen our social responsibility efforts,” Mr Ma said in the letter.

Alizila, the group’s in-house news website, said it would send “a ripple of shock” through the industry, but analysts said it would change little after a recent group restructuring made the chief executive’s job much less important.