NEW DELHI: Alibaba co-founder and chairman Jack Ma plans to retire from the Chinese e-commerce giant on Monday to devote his time to philanthropy in education.
Ma is one of China`s best known corporate leaders. He will remain on the company`s board of directors and continue to mentor its management, according to report first published on Friday. Often compared to Amazon.com, Alibaba’s parent company has e-commerce, online payment, banking, entertainment and cloud computing businesses.
The 54-year-old, who was once an English teacher and is now worth more than $40 billion, began the e-commerce company Alibaba in 1999.
Ma told the media that he plans to step down from the company on Monday — his 54th birthday — referring to his departure as “the beginning of an era” rather than an end.
Ma was Alibaba’s chief executive until 2013, when he stepped down to become chairman. He founded the Jack Ma Foundation, a philanthropic organization devoted to education, in 2014.
This article was first published on http://www.wakeuppost.com.