Alibaba co-founder Jack Ma to retire — New York Times
BEIJING (Reuters) — Alibaba Group Holding Ltd’s co-founder and executive chairman Jack Ma will retire from the e-commerce company tomorrow, as the former English teacher seeks to focus on philanthropy in education, the New York Times reported on Friday.
Ma, one of China’s best known corporate leaders, will remain on the company’s board of directors and continue to mentor its management, according to the New York Times report.
It was not immediately clear whether the company will appoint a new chairman.
Ma, who founded Alibaba in 1999, stepped down as chief executive in 2013. He currently serves as the company’s international face at top political and business events.
Alibaba did not respond to requests for comment, but said in a social media posting yesterday that Ma had met visiting African leaders and business partners in recent days.
Ma, China’s third richest person with a net worth of $36.6 billion, according to Forbes magazine, was quoted by the New York Times as saying his retirement was not the end of an era, but the beginning of one.
While Ma’s retirement from a formal role is a milestone, analysts and industry professionals say it is unlikely Ma’s involvement will change significantly.
“I don’t think it means that much, frankly. He stepped back from the CEO role about four or five years ago and very specifically made a comment about wanting the younger people to lead the company,” The Emerging Markets Internet exchange-trade fund founder Kevin Carter said.
“I’m sure he’ll be just as involved as he has been in his chairman role, even if he doesn’t have the formal title,” he added.
Ma, who turns 54 tomorrow, oversees a number of charitable projects in education and environmental fields. He is a cult figure in China’s internet industry and has attracted a big following among entrepreneurs and in pop culture. At events, he is often met with screaming fans. Ma maintains a prominent international profile, frequently inviting global leaders to the company’s Hangzhou headquarters.
Last year, he met US President Donald Trump, who described him as “smart” and “open minded.”
Alibaba was founded by 18 people led by Ma. China’s biggest e-commerce firm, it now has more than 66,000 full-time employees, according to the company’s latest annual filing.