Jack Ma, the co-founder of e-commerce giant Alibaba and China’s richest man, says he is retiring from the company in order to focus on philanthropy. No formal announcement has yet been made by the company to shareholders or the stock markets. Alibaba is China’s largest corporation and, with a listing on the New York Stock Exchange, is currently valued at $420 billion. In a yet-to-be published interview with The New York Times, Ma said he would step down Monday – his 54th birthday – as executive chairman of the company that he helped found in 1999 and that has become a digital behemoth in the world’s most populous country. The paper said Ma would remain on Alibaba’s board of directors and continue in a mentoring role. His retirement would mark “the beginning of an era” for him, one in which he could concentrate on charitable activities in education, a field close to his heart, he said in the interview. Alibaba is active in sectors across the Chinese economy and has transformed many. One of those is entertainment, through its Alibaba Pictures arm, which owns a stake in Steven Spielberg’s Amblin Entertainment, and through its hugely popular movie-ticket sales app, Tao Piao Piao. The company also has a 12-year partnership with the International Olympic Committee, to help the organizers of the Olympic Games with digital strategy and processes. Ma stepped down as CEO of Alibaba in 2013. That post now belongs to Daniel Zhang, a former head of Alibaba’s Taobao, the consumer-directed sales site that helped vault its parent company into the financial stratosphere from its humble beginnings as a B-to-B operation. Although he was no longer in charge of the day-to-day running of the company, Ma continued to be Alibaba’s guiding hand and its most recognized face. He has become a familiar figure in both Hollywood and Silicon Valley, hobnobbing with the global elite at the World Economic Forum in Davos and other gatherings. “Everyone has the right and the ability to give. It doesn’t matter how big or small your contribution is, and it doesn’t mean you have to do something big or be someone important to do philanthropy,” Ma Said recently at Alibaba’s conference on philanthropy, in Hangzhou. “Personal philanthropy is not about giving cash, but giving your heart, your time and most importantly, your action. Ultimately, personal philanthropy makes you a better person, and if everyone participates, we will have a better world.”<doc-sep>Billionaire Jack Ma, Alibaba Group Holding's co-founder and executive chairman, is reportedly retiring from the company. Ma was quoted as saying he would step down on September 10 to pursue philanthropy in education. Ma, a former tour guide, English teacher, and self-styled "China's Forrest Gump," is reportedly remaining on the company's board of directors. Billionaire Jack Ma, Alibaba Group Holding's co-founder and executive chairman, is retiring from the company, the New York Times reported on Friday. Ma was quoted as telling the paper he would step down on Sept. 10 to pursue philanthropy in education. Alibaba was not available for comment outside business hours. Ma, a former tour guide, English teacher, and self-styled "China's Forrest Gump," would remain on the company's board of directors and continue to mentor the company's management, the New York Times said. Ma told the newspaper that his retirement "is not the end of an era but "the beginning of an era." He added that he would be spending more of his time and fortune focused on education. (Reporting by Manas Mishra in Bengaluru; Editing by Sandra Maler)<doc-sep>Jack Ma was Alibaba's chief executive until 2013, when he stepped down to become chairman (AFP) Highlights Jack Ma will retire from Alibaba, the e-commerce giant he founded in 1999 His career took him from teaching English to becoming China's richest man He'll officially retire in Monday on "Teacher's Day", a holiday in China Alibaba executive chairman and co-founder Jack Ma will retire from the e-commerce giant he founded in 1999, and devote his time to philanthropy in education, according to the New York Times. Alibaba did not respond to multiple requests for comment. Ma, whose career took him from teaching English to becoming China's richest man, has often joked he was not a natural technology executive. But under his guidance, the Alibaba Group has become one of China's largest technology conglomerates. Often compared to Amazon.com, Alibaba's parent company has e-commerce, online payment, banking, entertainment and cloud computing businesses. It also hold stakes in several Chinese media companies, including the microblogging site Weibo. (Amazon.com chief executive Jeff Bezos is the owner of The Washington Post.) Alibaba reported roughly $40 billion in revenue last year. In its most recent quarter, it reported about $10 million in e-commerce revenue. The company reported its annual active customer base hit 524 million. Ma was Alibaba's chief executive until 2013, when he stepped down to become chairman. He founded the Jack Ma Foundation, a philanthropic organization devoted to education, in 2014. But he's remained very involved in the company he founded. When Alibaba debuted on the New York Stock Exchange in September 2014, Ma was on the podium to ring the opening bell. Shares of Alibaba fell more than 2 percent in after-hours trading on reports of his retirement. It's very unusual for a Chinese executive to retire so young. But Ma on Thursday told Bloomberg TV that he was mulling an early retirement similar to Bill Gates' early exit from Microsoft. When asked if his retirement could happen as soon as this year, Ma smiled and said, "You'll know very soon." Ma's retirement puts more distance between Alibaba and one of its most visible and charismatic spokesmen. Alibaba, while hugely successful in China, it's not known as well overseas and the company has been looking for ways to raise its global profile. Ma in July 2017 met with President Trump, part of several aggressive moves to introduce himself to the new administration as he pursued a deal to acquire the Dallas-based money transfer group MoneyGram. (That deal was blocked.) He also had dinner with Commerce Secretary Wilbur Ross, following a solo dinner with the president's daughter and adviser Ivanka Trump. Ma also helped broker a meeting of 20 US and Chinese executives in July 2017, to discuss economic rifts between the two countries. Alibaba has not said who will succeed Ma as executive chairman; he will remain on its board of directors. Ma told the Times that he sees his retirement as the beginning on a new chapter. He will officially retire on Monday, which is his 54th birthday. In China, it's also a holiday known as "Teacher's Day."<doc-sep>
Alibaba’s co-founder and executive chairman Jack Ma will reportedly retire from the e-commerce company on Monday, as the former English teacher seeks to focus on philanthropy in education. 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. Alibaba did not respond to requests for comment, but said in a social media posting on Saturday that Ma had met visiting African leaders and business partners in recent days. 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. At events, he is often met with screaming fans. Ma maintains a prominent international profile, frequently inviting global leaders to the company’s Hangzhou headquarters. Last year, he met Donald Trump, who described him as “smart” and “open minded”. Alibaba was founded by 18 people led by Ma. China’s biggest e-commerce firm, it now has more than 66,000 full-time employees, according to the company’s latest annual filing. The company had a market value of about $420bn. Ma also controls Ant Financial, which was valued at about $150b after a recent fundraising round. Ma is stepping back at a tricky time for Chinese tech firms. Authorities have increasingly sought to regulate the industry where Alibaba and Tencent Holdings Ltd are fighting a fierce battle for consumers. Trade tensions also present a new challenge for Chinese tech firms, especially those such as Alibaba which are expanding overseas rapidly. This year, regulators shot down a $1.2bn bid for money transfer service Moneygram International Inc by Ant Financial on national security grounds, which the company said was related to “geopolitical” changes.