Jack Ma, the executive chairman of Alibaba, has announced he will be stepping down on Monday. Ma is the third richest man in China and plans to focus his energies on philanthropy. Ma stated that he will vacate his positon as executive chairman but will retain his position on the board of directors. He added that he will focus his philanthropy towards education. It is unknown if that will be focused in his native China or other areas throughout the world.
Alibaba was founded in 1999 and has gone onto to become one of the most successful online retail companies in the world. They now have a market value of around $400bn and include cloud computing, film production and online selling.
Ma’s interest in education began early in his career as an English teacher. Ma’s love for education is well documented and he stated that retirement is not ending an era but is the beginning on one. That teaching career began in the city of Hangzhou at one of the universities, and it while teaching that he started Alibaba.
Alibaba’s Increase in Sales
The announcement and chosen date being Monday was significant as this is Ma’s 54th birthday. He has a personal wealth of $40bn, and that puts him as the third richest in China, a remarkable achievement in under 20 years and testament to the company he has built.
Earlier in the week while being interviewed by Bloomberg TC, Ma stated that he plans to create a foundation similar to that of Bill Gates. He added there is much he can learn from Gates and hopes to follow in his footsteps.
“I can never be as rich, but one thing I can do better is to retire earlier. I think some day, and soon, I’ll go back to teaching. This is something I think I can do much better than being CEO of Alibaba.”
Alibaba Group is a multinational Chinese holding conglomerate that specializes in retail, e-commerce, artificial intelligence and technology. The company was formed in 1999 and provides a variety of different services online including retail, payment services, cloud computing and shopping search engines. Its holding include a wide range of businesses located throughout the world and is one of the most admired Fortune companies.
Alibaba has operations on more than 200 countries and has grown to be the world’s largest online retailer. They also are one of the largest investment corporations and venture capital firms in the world with sales that surpass those of eBay, Amazon and Walmart.