Alibaba’s co-founder and executive chairman, Jack Ma will retire from the e-commerce giant he founded in 1999, according to New York Times. He plans to pursue philanthropy in education post his retirement.
Jack Ma, was a former English teacher at the Hangzhou Institute of Electrical Engineering and has always been known to his commitment to education. Earlier in 2014, Jack Ma Foundation was set up by him with an aim is to promote human development in harmony with both society and the environment. The foundation has been spending on cultivating future teaching talent in China.
In December 2017, the foundation had announced that it would spend about $45 million over the next 10 years to help discover and cultivate future teaching talent in the rural regions of China. The program launched – Rural Pre-Service Teacher Initiative are in line with follows two similar programs that he set up for working teachers and headmasters in remote areas.
In China, it is rare for top entrepreneurs and business leaders to step aside in their 50’s. Jack Ma is 54, and would be one of the first founders amongst prominent Chinese internet entrepreneurs to step down from their companies. Earlier in 2013, he had stepped down as Chief Executive, handing over reins to Daniel Zhang, while remaining full-time executive chairman. He will remain on the company’s board of directors and continue to mentor the company’s management. He has a net personal wealth of $40 billion. He is the third richest person in China, according to the 2017 Forbes’ China Richest.
Jack Ma started Alibaba in 1999 from an apartment and the company has since then emerged as the leading platform for global wholesale trade serving millions of buyers and suppliers around the world. Alibaba has also actively diversified from e-commerce to digital payments, cloud and entertainment operations, corporate message platform etc. The company’s annual revenue stands at around $40 billion, with a market value of over $400 billion.
The handover period for his retirement is expected to stretch over a significant period of time. It is also understood that he will continue to have a reasonable involvement even once his formal retirement takes effect.
Photo Source: alibabagroup.com
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