Jack Ma, Chairman Of Alibaba And China's Richest Man, Is Retiring To Pursue Philanthropy

Jack Ma is the co-founder and executive chairman of Chinese Internet giant Alibaba. He¡¯s also the richest man in China and 20th richest in the world worth an estimated $39 billion. And now, he¡¯s announced that he¡¯s retiring from the company.

Images courtesy: Reuters

The 53-year-old started out as an English teacher, and eventually became one of the most well-known corporate leaders, both in China and the world. His rags-to-riches story is one of legend now, but he¡¯s not content with basking in the glow. Ma announced that he¡¯s quitting the business he built in order to focus on philanthropy in education.

Ma founded Alibaba in 1999, growing it into a behemoth with ties to retail, Internet, tech, and more. He previously stepped down as the CEO in 2013, preferring to serve in the role of executive chairman as the charismatic face of the company. Despite his imminent retirement on Monday, he intends to remain on the board and help mentor the company¡¯s management.

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Ma has previously talked about his struggles in school, and how he seemed to fail at everything before Alibaba came along. Now, he¡¯s a cultural icon, with actual fans screaming his name at pretty much any event in China he attends.

He¡¯s not yet made clear in what way he intends to contribute towards education, but given his history it¡¯ll likely involve more than simply setting up a fund. No, we¡¯re more likely to see something along the lines of the Gates Foundation, with Ma taking a hand in the daily workings of his charity.