Jack Ma to step down from Alibaba for philanthropy

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NEW DELHI: Jack Ma, the co- founder and executive director of Alibaba, is about to retire from his present post at the e-commerce company. Announcing the news, the successful corporate leader said his future plan is to pursue philanthropy in education.

 

Ma is stepping down at a time when the government and the state owned enterprises are increasingly playing an interventionist role. It is a tricky time for the Chinese tech firms as the authorities have increasingly sought to regulate the industry.  China's trade war with the US is also posing a great challenge to the tech firms in the country in general, and those such as Alibaba, which are expanding overseas rapidly, in particular.

However, Ma will remain in the company's board of directors and continue to mentor its management, reported the New York Times.

Ma, along with 18 others, founded Abibaba in 1999. The company grew over the years to the most consequential e- commerce companies across the world. During its growth phase, Alibaba changed the shopping culture of the Chinese people. According to the company's latest annual filing, over 66,000 full time employees are working for Alibaba at present.

 Alibaba made Ma, a former school teacher, the richest man in China. The firm has a net worth of more than $40 billion dollars.

Ma even earned a demi god status in the minds of many in China. According to a New York Times report, Ma’s portrait is being worshipped in some of the households in that country in the same way they worship the God of Wealth.

In 2013, Ma put his papers as the chief executive of the company.   Presently, he is serving as the international face of the e-commerce giant.

Meanwhile, some media has quoted Ma as saying that his retirement was not the end of an era but the beginning of one.

Ma is already overseeing several charitable projects in education and environment.

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