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Alibaba co-founder Jack Ma is planning to retire next year

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One of China’s most successful businessman, co-founder, and chief executive of Alibaba Jack Ma announced on Friday that he is retiring from the e-commerce giant and next week they will reveal a succession plan, according to The South China Morning Post. In an interview with the Morning Post, Jack Ma talked about the further plans of the company, and earlier he met with company’s senior officials to discuss its retirement.

Alibaba confirmed that Jack Ma will continue as Chairman of the company for 12 months until Sept. 10, 2019, and then handed the chairmanship to CEO Daniel Zhang. On Friday, The New York Times reported that Jack Ma wanted to concentrate on the philanthropy that’s why he is retiring from the company, while An Alibaba spokesperson clarifies that this news is completely wrong and out of context, he also said that Ma will remain the company’s executive chairman and provide required services for a specific period.

Jack Ma told SCMP in an interview, “I sat down with our senior executives 10 years ago, and asked what Alibaba would do without me, I’m very proud that Alibaba now has the structure, corporate culture, governance and system for grooming talent that allows me to step away without causing disruption.”

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Jack Ma who is 53 years old, Alibaba founded in 1999 which gradually grows to a $420 billion business and progress towards an Online website for purchase and selling goods. He owns 6.4 percent stake in the Company share which gives him a net worth of more than $40 billion.

Moreover, Alibaba is known as the Amazon of China, started as an online business-to-business marketplace which then expanded to a direct-to-consumer marketplace in 2003. It has worked in Cloud computing, Digital Media, and a vast range of other industries. Alibaba also holds a share in China’s Twitter-like social media platform Weibo.

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