Jack Ma plans to step down from Alibaba Monday: NYT


NEW YORK, Sept 8 (APP):Jack Ma, the billionaire co-founder and executive chairman of Chinese e-commerce giant Alibaba, has said his retirement on Monday will mark the start of a new era, as he revealed plans to step down and pursue projects in education and philanthropy.
Ma, a former English teacher, told The New York Times he will retire from the company on Monday. His retirement is not the end of an era but the beginning of an era, the newspaper quoted him as saying.
Chinas richest man said that he would remain on Alibabas board of directors as he pursues philanthropic endeavors, according to the Times. Ma told Bloomberg earlier this week that he planned to retire and wanted to dedicate more of his time and fortune to philanthropy with the creation of a foundation in his own name focused on education, following in the footsteps of fellow billionaire Bill Gates.
Ma said there are a lot of things he could learn from Bill Gates. I can never be as rich, but I can retire earlier, he said in the interview. Ma said he could soon go back to teaching. This is something I think I can do much better than being CEO of Alibaba.
Spokesmen for Alibaba couldnt immediately comment on the report on Saturday.
Even after stepping down as chief executive officer in 2013, he remains the public face of a company with a market value of more than $400 billion and interests spanning e-commerce. During his time as chairman, he helped guide growth at home and overseas while spearheading its 2014 initial public offering, the biggest ever.
Ma, who turns 54 on Monday, has a net worth of more than $40 billion, according to the Bloomberg Billionaires Index. While Ma sees himself as an accidental executive who only entered the business world with Alibabas founding almost 20 years ago, he has become one of Chinas most recognized corporate leaders.