China’s richest man Jack Ma to retire from Alibaba on his birthday

08 September, 2018, 16:11 | Author: Sergio Cook
  • Screenshot via Bloomberg

Customers use its e-commerce platforms to order products that a year ago saw package deliveries reach 55 million a day.

Mr Ma co-founded Alibaba in 1999 and has seen it become one of the world's biggest internet companies.

Ma, the executive chairman of Alibaba Group Holding and public face of the technology juggernaut, will unveil the plan on September 10 on his 54th birthday.

Ma is a man "who deftly maneuvered through the discontinuities and barriers in China to create one of the greatest companies in the world", as Tim Draper, founder of Draper Associates, DFJ, and Draper University said.

Richard Liu, the billionaire founder of Alibaba's main competitor JD.com, was briefly arrested in the USA over a rape allegation last week.

Ma is following a similar path as Bill Gates, who has dedicated himself to philanthropy after retirement, and has cited Microsoft's co-founder as an inspiration in an interview with Bloomberg TV recently. Ma established the Jack Ma Foundation in 2014, which fosters education for those in rural China, and has professed his love of education.

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"There are a lot of things I can learn from Bill Gates".

Alibaba has been referred to as the Amazon of China. Morley brought young Ma to Australia in 1985 for his first overseas trip, when he spent almost a month in Newcastle, an experience which the Chinese businessman said had "totally changed my future".

According to Chinese media outlets, he belongs to a family which used to get just USA $ 40 each month to take care of its needs.Yet, Ma managed to graduate from Hangzhou Teachers College with a major in English-language education.

Ma has been backing away from Alibaba over the past few years, stepping down as chief executive officer in 2013 but remaining very involved in the company's strategic planning, according to the Times. He was released and returned to China, although the investigation remains active. The current CEO is Daniel Zhang, who took over the post in 2015, and a group of partners controls management and the board. Alibaba now also handles digital payments, online banking, cloud computing and digital media and entertainment.

As Beijing has increased its involvement in the private sector, Ma has shifted what he has said about China's government. "I can never be as rich, but one thing I can do better is to retire earlier".

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