(Yicai Global) March 15 -- Baidu unveiled a new talent development plan today as it prepares to bring in younger senior managers to replace the likes of President Zhang Yaqin, who has become the first to partake in the search giant's executive retirement plan, also announced today.

Zhang, 53, will retire in October this year, Global Times reported, citing an internal email from Chief Executive Robin Li. In preparation for his exit, and other executives in future, the Beijing-based firm will look to bring more under 40s into management this year, the email said, adding that the firm's new retirement plan will also extend care for retirees.

"I am very happy to retire with a relieved and reassured state of mind," Zhang said in an open letter today, speaking confidently of Baidu's future. He plans to spend his retirement on teaching, scientific research, academic exchanges, philanthropy, and most importantly, family, he added.

Zhang joined Baidu in September 2014 to head up new business. Prior to that, he was head of Microsoft Research Asia and Chairman of Microsoft China.

Over the past five years, Zhang has pushed Baidu's expansion into the global finance and education markets, his boss said. His major achievements include integrating smart cloud computing and artificial intelligence, building Apollo [Baidu's open-source self-driving platform] and his work on chips and quantum technologies, Li added.

Editor: James Boynton