Economy, Sci & Tech

Jack Ma Plans to Step Down From Alibaba

Jack Ma Plans to Step Down From AlibabaJack Ma Plans to Step Down From Alibaba

Alibaba Group Holding Ltd. Chairman Jack Ma told the New York Times that he plans to step down from his role at the company on Monday, marking the end of an era at China’s e-commerce juggernaut. China’s richest man said he would remain on Alibaba’s board of directors as he pursues philanthropic endeavors, the New York Times reported.  Ma told Bloomberg earlier this week that he planned to retire and wanted to dedicate more of his time and fortune to philanthropy with the creation of a foundation in his own name focused on education, following in the footsteps of fellow billionaire Bill Gates, Bloomberg reported. Ma said there are a lot of things he could learn from Bill Gates. “I can never be as rich,” but “I can retire earlier,” he said in the interview. Ma said he could soon “go back to teaching. This is something I think I can do much better than being CEO of Alibaba.” Spokesmen for Alibaba could not immediately comment on the report on Saturday.


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