Jack Ma, president, and co-founder of the iconic Chinese online trade giant Alibaba has announced his retirement in an interview published by The New York Times.
Ali Baba Group has also supported the statement and said that it’s going to be a gradual succession. Daniel Zhang, the current CEO of the company will be the next chairman exactly a year from now.
The chairman of the company said he wants to devote more time and parts of his fortune to philanthropy, particularly in education. He called his retirement “the beginning of a new era.”
“I think that one day and soon I will return to teaching, I guess that’s what I can do better, rather than being the CEO of Alibaba,” said Jack Ma. Despite his announcement of retirement, the Chinese billionaire will remain on the company’s board of directors and will continue to supervise it.
He said, “The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba.”
Before establishing Alibaba, in 1999, the Chinese tycoon worked as an English teacher. The creation of this gigantic commercial conglomerate made Jack Ma the richest person in China, with a fortune estimated at more than 40,000 million dollars.
Jack Ma has transformed Ali Baba into one of the most significant and popular e-commerce and digital payment company. He was also behind the Alipay payment service, which helped transform the way the Chinese make their purchases and pay for them.
In 2014, Alibaba made the historic largest entry into the Wall Street stock market to raise 25,000 million dollars, which sounded like a revenge for Jack Ma, rejected by American investors in 1999.
The day of his retirement will also coincide with his 55th birthday. It’s praiseworthy that he is following the footsteps of Bill Gates, one of the most generous philanthropists in the world.