MOSCOW (Pakistan Point News / Sputnik - 08th September, 2018) Jack Ma, one of the richest people in China and co-founder of e-commerce conglomerate Alibaba, will step down on September 10, media reported.
Jack Ma told the New York Times newspaper in an interview, released on Saturday, that his retirement is not the end of an era but "the beginning of an era," and that this will allow him to focus more on philanthropy and education.
"I love education," Mr. Ma, who started his career as an English teacher, said.
According to the media outlet, the day of Jack Ma's retirement is also a Chinese holiday known as Teacher's Day and the day when he turns 54. The businessman will continue be a member of Alibaba's board of directors and serve as a "mentor" fro the company's management.
Such retirement is quite a rare phenomenon for Chinese businessmen, who usually prefer to head their companies for many years, the publication said.
Alibaba Group is the largest Chinese internet company, which includes a number of other companies and services, such as Alipay, Alibaba.com, Taobao, Tmal, UC Web and Youku Tudou. Jack Ma founded the company in 1999.
