Alibaba’s Jack Ma to Step Down as Executive Chairman

Screenshot via Bloomberg

Ma, who turns 54 on Monday, now oversees a number of charitable projects in education and environmental fields. The Times story was taken out of context and factually wrong, the spokesman said. "It doesn't matter how big or small your contribution is, and it doesn't mean you have to do something big or be someone important to do philanthropy", Ma Said recently at Alibaba's conference on philanthropy, in Hangzhou.

Ma is a man "who deftly maneuvered through the discontinuities and barriers in China to create one of the greatest companies in the world", as Tim Draper, founder of Draper Associates, DFJ, and Draper University said. "I'm very proud that Alibaba now has the structure, corporate culture, governance and system for grooming talent that allows me to step away without causing disruption".

Ma was Alibaba's chief executive until 2013, when he stepped down to become chairman.

"He's a symbol of the health of China's private sector and how high they can fly whether he likes it or not", Duncan Clark, author of the book "Alibaba: The House Jack Ma Built", said of Ma.

At a conference in November, Ma was more positive.

Alibaba is active in sectors across the Chinese economy and has transformed many.

Considered China's richest person, the e-commerce company's co-founder holds a spot in the world's top twenty billionaires in the world with a reported net worth of $39.9 billion.

Nadal 'bagelled' but survives Thiem test to reach semis
I don't want to lose against anybody. "I played a lot of long and tough matches in my career". Third seed Juan Martin del Potro crushed Croatia's Borna Coric 6-4 6-3 6-1 at the U.S.

He was an English teacher before starting Alibaba in 1999 and turning it into a multibillion-dollar internet giant.

He also carries the nom de guerre of fengqingyang - keeping with Alibaba's tradition of using nicknames from the wuxia genre of Chinese literature - after the hermit master swordsman of one of Louis Cha's epics.

Jack Ma will step down from his role on Monday - his 54th birthday - and plans to devote his time to philanthropy and education.

Ma said he could never be as rich as Gates - but that he could retire earlier than Gates.

But in an interview with Bloomberg TV broadcast on Friday, Ma indicated that he had plans to soon retire and that he wanted to follow Microsoft founder Bill Gates as one of the world's most prolific philanthropists. He was an English teacher before moving into the business world with Alibaba's founding nearly 20 years ago.

As a general rule, research indicates there is roughly a 30 per cent survival rate for family businesses in the second generation, deteriorating to 12 per cent in the third. "This is a systematic plan".

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