07:14 AM EDT, 04/10/2024 (MT Newswires) -- Alibaba ( BABA ) co-founder Jack Ma lauded the company's ongoing restructuring efforts in a memo to employees, a rare move after being away from the spotlight for the last few years, media reports said Wednesday.

"Not only must we have the courage to admit and correct yesterday's mistakes in a timely manner, but we must also reform for future. This is why we keep moving forward," Ma said in the internal letter, according to The Wall Street Journal.

Ma praised Chief Executive Eddie Wu and Chairman Joe Tsai for their leadership and the recent decision to split the company into six divisions, saying the current reform efforts were making Alibaba ( BABA ) more customer-focused, according to reports.

Alibaba ( BABA ) did not immediately respond to MT Newswires' request for comment.

Shares of the company were up nearly 3% in recent Wednesday premarket activity.

Price: 75.07, Change: +2.08, Percent Change: +2.85