Alibaba founder Jack Ma to retire and focus on philanthropy COMPANIES

Jack Ma, the billionaire co-founder and executive chairman of Chinese e-commerce giant Alibaba, said his retirement tomorrow will mark the start of a new era, as he revealed plans to stand down and pursue projects in education and philanthropy.

Mr Ma, a former English teacher, told The New York Times he will retire from the company tomorrow. His retirement is not the end of an era but “the beginning of an era”, the newspaper quoted him as saying.

The Chinese entrepreneur, one of China’s best-known corporate leaders, will remain on the company’s board of directors and continue to mentor its senior management team.

The National has contacted Alibaba for further comment.

Mr Ma helped to found Alibaba in 1999 and built it into one of the world’s most powerful e-commerce and digital payments companies, with a market capitalisation of almost $420 billion (Dh1.5 trillion).

The company transformed how China’s 1.3 billion population shops and pays for consumer goods, boosting Mr Ma’s net worth to more than $40bn, according to the Bloomberg Billionaires Index, making him China’s richest man.

He stepped down as chief executive in 2013 – Daniel Zhang now holds the reins – but continued to serve as the company’s main international face at political and business events. He also maintains a prominent global profile by overseeing charitable projects in education and environmental fields, including through his Jack Ma Foundation, and is a cult figure in China’s internet industry.

Many Chinese people even have a portrait of him in their homes as a symbol of wealth they hope will being them good fortune.

Last month, Alibaba reported a 60 per cent rise in second-quarter sales, although profits fell. Annual revenue totals about 250bn yuan (Dh134.2bn).

Mr Ma plans to focus on philanthropy in education when he retires, he told the newspaper.

A few days earlier he told Bloomberg: “Education is so critical for the future. I learned so much from the Alibaba journey the past 19 years that I think it’s my responsibility to share. Whether people agree or disagree, that’s OK ... but you have to share because society gives us – gives me – so much resources, so much experiences, we should not waste it.”

Asked whether he missed teaching, Mr Ma said: “I miss it very much. I came to business by accident ... I think some day, very soon, I’ll go back to teach. This is something I ... think I can do much better than being Alibaba’s CEO.”

He also said he wanted to devote most of his time to the Jack Ma Foundation that was set up 10 years ago once he retires.

While Mr Ma’s retirement from a formal role is a milestone, some analysts said his practical involvement in Alibaba’s operations will not change hugely. “I don’t think it means that much, frankly,” Kevin Carter, founder of the Emerging Markets Internet and E-commerce exchange-traded fund, told the UK’s Guardian newspaper.