Alibaba co-founder Jack Ma to retire

BEIJING: Alibaba Group Holding Ltd’s co-founder and executive chairman Jack Ma (pictured) will retire from the e-commerce company on Monday, as the former English teacher seeks to focus on philanthropy in education, the New York Times reported. Ma, one of China’s best known corporate leaders, will remain on the company’s board of directors and continue to mentor its management, the New York Times said on Friday. 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 bushiness’s events.

Alibaba did not respond to requests for comment, but said in a social media posting on Saturday 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,” said Kevin Carter, founder of The Emerging Markets Internet exchange-trade fund.  “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,” said Carter. Ma, who turns 54 on Monday, oversees a number of charitable projects in education and environmental fields. — Reuters