Published: Sat, September 08, 2018
Electronics | By Kelly Massey

Alibaba co-founder Jack Ma to retire

Alibaba co-founder Jack Ma to retire

Jack Ma, the co-founder and executive chairman of Chinese e-commerce giant Alibaba, has said he plans to step down from his position on Monday, reported The New York Times on Friday.

Ma co-founded Alibaba with 17 other people in 1999.

"There's a lot of things I can learn from Bill Gates", he said. His birthday also coincides with a the Chinese holiday of Teacher's Day, which celebrates educators. The person emphasized that Mr. Ma wants to ensure an orderly transition and plans to remain on the company's. This will be a big change of guard for the $420 billion dollar Chinese internet company.

Ma's success was evident after Alibaba's Taobao bested eBay in China, forcing the United States auction site to largely withdraw from the country in 2006.

Ma told The New York Times that he will retire September 10 and focus on philanthropic efforts in education.

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Born into a poor family in Hangzhou, eastern Zhejiang province, Mr. Ma became a university teacher but gave the job up after discovering the internet. Alibaba now also handles digital payments, online banking, cloud computing and digital media and entertainment.

"This is something I think I can do much better than being CEO of Alibaba", he told Bloomberg TV recently.

Ma likes to recount his stories of rejection, such as the time he was turned down for a job at the KFC fast-food chain and being rejected by Harvard "10 times".

Richard Liu, the billionaire founder of Alibaba's main competitor, was briefly arrested in the US over a rape allegation last week.

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