Sunday, 18 November, 2018

Alibaba co-founder Jack Ma to retire

Alibaba co-founder Jack Ma to retire China's richest man Jack Ma will retire on Monday
Nina Mathis | 08 September, 2018, 16:11

China's richest man is going step down as executive chairman of the $420-billion Alibaba Group on Monday when he turns 54, he said in an interview with the NYT.

As per a Reuters report, while Ma's retirement marks a milestone in the company's history, analysts believe and industry insiders believe that it is highly unlikely that his involvement in the company will change significantly.

Often compared to Amazon.com, Alibaba's parent company has e-commerce, online payment, banking, entertainment and cloud computing businesses.

Ma is part of a generation of billionaire entrepreneurs who made their fortunes as China embraced the digital age, creating some of the country's largest and most successful companies in the space of little more than a decade.

Ma is retiring at a time internet companies like Alibaba have fallen under tighter government scrutiny, as the industry plays an increasingly important role in the country's economy.

"I am very thankful for Australia and the time I spent there in my youth", Ma said during his visit. The Chinese e-commerce giant, since then is being managed by its current CEO Daniel Zhang, who is likely to succeed Ma after his retirement.

Earlier Friday, Ma said he could "retire earlier" during a conversation with Bloomberg about Bill Gates' career.




Mr Ma told the New York Times that his decision to stand down was not the end of an era but "the beginning of an era" and that he "loved" education. Alibaba is China's largest corporation and, with a listing on the New York Stock Exchange, is now valued at $420 billion.

Ma was an English teacher before starting Alibaba in 1999. His birthday also coincides with a the Chinese holiday of Teacher's Day, which celebrates educators. "I can never be as rich, but one thing I can do better is to retire earlier", Ma said during an interview last week with Bloomberg Television.

A focus on education wouldn't surprise keen followers of Ma, who has spoken frequently of its importance to him.

As he prepares to leave the company, Ma is among China's super-rich. The first tech revolution caused WWI, the second caused WWII, now we are a third revolution, what's gonna happen?

Ma started his journey with just USA $ 60,000 - loaned to him by friends, and started Alibaba in 1999.

"It's the system which I think I have contributed to along with my team and this will be able to make the company last long", Ma said.

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