Alibaba founder Jack Ma resigns as CEO from the Chinese e-commerce giant. The wealthiest man in China wants to focus on educational projects.
The 53-year-old Ma founded Alibaba in 1999. Under his leadership, the company became one of the largest web shops in the world and for a large part changed the way Chinese shop and pay.
His estimated capacity is estimated at 40 billion dollars (about 120 billion baht). The billionaire and philanthropist argue that his retirement is not an end of an era, but rather “the beginning of a new episode.” He says he wants to spend more time and a portion of his money on education. “I love education”, says Ma, who used to be an English teacher.
Alibaba Jack Ma Remains on the Board
In 2013, Ma resigned as general manager at Alibaba, but as CEO he remained the face of the company. He says that he will stay on the Executive Board for the time being and will continue as an advisor. On Monday, the CEO celebrates his 54th birthday. In China, it is Teachers Day.
The departure of Ma comes at a time when the business climate in China is under pressure.
The role of state-owned enterprises is increasing. Also, the government in Beijing wants to strengthen its grip on the Internet. The country is also engaged in a trade war with the United States.
Alibaba Follows Bill Gates in Philanthropy
With his decision, Ma follows the example of billionaire Bill Gates. The founder of Microsoft has dedicated his life to philanthropy after his retirement in 2008. Read other news.
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