Jack Ma, the chairman and co-founder of Alibaba Group steps down

Jack Ma, the chairman, and co-founder of Alibaba Group steps down on Tuesday. Besides resigning from the lead position, Ma would continue to be the guiding light for the company’s future endeavours. The Chinese entrepreneur would be on Alibaba’s board until the company’s annual general shareholders’ meeting next year.

Ma would also remain a lifelong partner to the Alibaba Partnership Group, which include 36 senior management officials, holding the right to nominate or take key decisions by the rule of a simple majority.

Jack ma is exiting the position, in his grand style, by throwing a big bash at a huge Olympic-sized stadium in Hangzhou, which is also the company’s hometown. He announced his retirement plans last year around the same time, revealing that he would be succeeded by the company’s current CEO Daniel Zhang.

During the announcement made last year, MA said, “The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba.”

His dedication to the company made it one of the leading internet firms of the world and added his name to list of the most celebrated businessmen across the globe. Ma is also the richest man of China with a fortune of whooping $40 billion.

Post-retirement Ma said that he would be focusing on philanthropy, as he aims to contribute significantly to certain fields of his interest such as education. Ma got his inspiration to initiate charitable endeavours from the Bill and Melinda Gates Foundation, which led to the establishment of the Jack Ma Foundation in 2014.

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