Alibaba co-founder Jack Ma to retire, say reports
Ma, who has a net worth of $36.6bn, says retirement is the beginning of an era as he focuses on philanthropy
BEIJING (AP) — E-commerce giant Alibaba Group says founder Jack Ma will step down as chairman in September 2019.
The company announced Monday that Ma will be succeeded by Daniel Zhang, the company’s CEO.
Alibaba said Ma will remain a member of the group that has a right to nominate a majority of the company’s board of directors.
Ma is a former English teacher who founded the company in 1999. Ma is one of the world’s richest entrepreneurs.