Alibaba co-founder Jack Ma to retire on Monday

08 Sep, 2018 9:16 am

BEIJING (Reuters) – Alibaba Group Holding Ltd’s co-founder and executive chairman, Jack Ma, will retire from the e-commerce company on Monday, as the former English teacher seeks to focus on philanthropy in education, the New York Times reported.

Ma, one of China’s best known corporate leaders, will remain on the company’s board of directors and continue to mentor the company’s management, the New York Times said .

It was not immediately clear whether the company will appoint a new chairman. Ma, who founded Alibaba in 1999, stepped down as chief executive in 2013. He currently serves as the company’s international face at top political and bushiness’s events.

Alibaba did not respond to requests for comment.

Ma, who is China’s third richest person with a net worth of $36.6 billion according to Forbes magazine, was quoted by the New York Times as saying that his retirement is not the end of an era, but “the beginning of an era.”

 




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