The New York Times(NYT), reported Alibaba Group Holding Ltd. Executive Chairman Jack Ma is planning to step down from his role at the company on Monday. Jack Ma who started his career as an English school teacher and later started Alibaba nearly 20 years ago will be succeeded by current CEO Daniel Zhang. This will mark the end of an era for the Chinese e-commerce empire.
Jack Ma is China’s richest man and will continue to his role as Alibaba’s board of directors. According to the reports by NYT h,e will now pursue his philanthropic endeavors. While speaking to Bloomberg media earlier this week, Jack Ma said he had plans for his retirement and wanted to dedicate more time and his fortune to philanthropy. He plans to build a foundation in his own name focused on education, following in the footsteps of fellow billionaire Bill Gates.
In a letter, Jack Ma said – “No company can rely solely on its founders. Because of physical limits on one’s ability and energy, no one can shoulder the responsibilities of chairman and CEO forever.”
Talking about his future he said there were a lot of things he could learn from Bill Gates. In an interview, he stated “I can never be as rich, but “I can retire earlier.” He further added he could soon be back in school to teach, which he thinks he can do much better than being CEO of Alibaba.