Jack Ma to retire from Alibaba

Ma will launch succession plan to find replacement

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Jack Ma to retire from Alibaba Ma plans to spend more time on philanthropy. (Getty Images)
By  Mark Sutton Published  September 9, 2018

Jack Ma, co-founder and executive chairman of Alibaba has announced that he is stepping down.

Ma will reveal a succession plan tomorrow, and will remain as executive chairman until the plan is executed, although no time scale or other details were available.

The 53-year old billionaire said he is planning on retiring from the web giant to focus on philanthropy. Ma will remain on the board of the company.

Ma co-founded Alibaba in 1999, and built it into a $420 billion company with interests in e-commerce, retail, internet payment, cloud and other technology ventures. Alibaba has more than 500 million customers in China,

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