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Alibaba founder Jack Ma announces retirement

08 September, 2018, 16:12 | Author: Ron Miles
  • Alibaba founder Jack Ma announces retirement

Ma told the newspaper that his retirement "is not the end of an era but "the beginning of an era". Initially developed as a business-to-business e-commerce solution.

He is one of the most colourful of China's growing crop of billionaires, performing a Michael Jackson-inspired dance routine at the company's 18th anniversary celebration a year ago, and starring in his own kung fu short film.

Known as Ma Yun in mainland China, he is scheduled to be in Russia next week to formalise Alibaba's venture with Mail.ru, the internet company owned by Russian tycoon Alisher Usmanov and sovereign wealth fund Russian Direct Investment Fund (RDIF).

Ma is one of China's wealthiest men, with his net worth estimated at US$40 billion by the Bloomberg Billionaires Index.

"I am very thankful for Australia and the time I spent there in my youth", Ma said during his visit. Ma stepped down as Alibaba's chief executive in 2013; the company's current chief executive is Daniel Zhang, who is a candidate to succeed Ma.

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"I think some day, and soon, I'll go back to teaching", he said, adding he had been preparing philanthropy plans at his eponymous foundation "for 10 years".

He has told the New York Times that he will now focus on philanthropy in education.

The co-founder of $420the billion internet company, Jack Ma, has announced that he will be retiring from Alibaba on Monday.

He is one of the most colorful of China's growing crop of billionaires, performing a Michael Jackson-inspired dance routine at the company's 18th anniversary celebration a year ago, and starring in his own kung fu short film.

Alibaba set up an an Australian headquarters in Melbourne in 2017, headed by Maggie Zhou, to make it easier for local business to sell into China.

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As Beijing has increased its involvement in the private sector, Ma has shifted what he has said about China's government.

He was an English teacher before starting Alibaba in 1999 and he founded Alibaba alongside 17 other people. "I can never be as rich, but one thing I can do better is to retire earlier", he said.

Alibaba has one of the strongest management teams in corporate China and, even if he steps down, Ma is likely to still have a role in setting top level strategy, said Brock Silvers, managing director of Kaiyuan Capital.

Jack Ma, the founder of Alibaba Group Holding Ltd, waves as he arrives at the New York Stock Exchange in New York, US, September 19, 2014.

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