Alibaba’s Jack Ma, China’s Richest Man, to Retire From Company He Co-Founded

HONG KONG — Alibaba’s co-founder and executive chairman, Jack Ma, said he planned to step down from the Chinese e-commerce giant on Monday to pursue philanthropy in education, a changing of the guard for the $420 billion internet company.
www.nytimes.com/2018/09/07/technology/alibaba-jack-ma-retiring.html

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

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 business events.

Ma, China’s third richest person with a net worth of $36.6b according to Forbes magazine, was quoted as saying his retirement was not the end of an era, but the beginning of one.

While Ma‘s retirement from a formal role is a milestone, analysts and industry professionals say it is unlikely his involvement will change significantly.

“I don’t think it means that much, frankly. He stepped back from the CEO role about four or five years ago and very specifically made a comment about wanting the younger people to lead the company,” said Kevin Carter, founder of The Emerging Markets Internet exchange-trade fund.

Ma, who turns 54 on Monday, oversees a number of charitable projects in education and environmental fields. He is a cult figure in China’s internet industry and has attracted a big following among entrepreneurs and in pop culture.

www.theguardian.com/business/2018/sep/08/alibaba-co-founder-jack-ma-to-retire-say-reports