Business tycoon and billionaire Jack Ma is officially retiring as executive chairman of Alibaba on Tuesday. He is given a graceful exit courtesy of the company’s farewell celebration at a stadium in Hangzhou.
After spearheading e-commerce in China and twenty years of establishing Alibaba into a $460 billion worth, Jak Ma decides to shift to philanthropy.
“Before I’m 70 years old, I can do something in other fields, in areas like education,” Ma said.
Though leaving his post as the head of the company, Jak Ma, under his lifetime membership with the Alibaba partnership, will remain a fixture in the company as he still holds a 6.22% share of the company.
CEO Daniel Zhang is set to take over the chairmanship from Jak Ma.
Being a former English teacher with his passion for education, Ma decided to step down from Alibaba on Sept. 10, the day when China celebrates Teachers’ Day.
“Teachers always want their students to exceed them, so the responsible thing for me and the company to do is to let younger, more talented people take over in leadership roles,” Ma said.
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