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
China’s richest man said that he would remain on Alibaba’s board of directors as he pursues philanthropic endeavours, the New York Times
reported. Ma told Bloomberg
earlier this week that he 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.
Ma, who turns 54 on Monday, has a net worth of more than $40 billion, according to the Bloomberg Billionaires Index.
While Ma sees himself as an accidental executive who only entered the business world with Alibaba’s founding almost 20 years ago, he has become one of China’s most recognized corporate leaders.