Jack Ma, China’s Richest Man Will Retire On Monday

Jack Ma co-founded e-commerce giant Alibaba in 1999.

Jack Ma, China's Richest Man Will Retire On Monday - Surge Zirc
HANGZHOU, CHINA – SEPTEMBER 05: Alibaba Group Chairman Jack Ma attends 2018 Alibaba Xin Philanthropy Conference on September 5, 2018 in Hangzhou, Zhejiang Province of China. 2018 Alibaba Xin Philanthropy Conference as part of Alibaba’s nine-day campaign to encourage personal giving via small and simple everyday acts focuses on ‘The Power of Small’ this year. (Photo by VCG/VCG via Getty Images)

In an interview with the New York Times Jack Ma revealed his plan to step down as executive chairman of Alibaba — often referred to as China’s Amazon — on Monday.

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Jack Ma co-founded the Chinese internet retailer in 1999 and built it into an empire currently worth $420 billion and making the former English teacher China’s richest man worth about $40 billion.

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According to the paper current CEO Daniel Zhang is a “candidate” to replace Ma, who plans to pursue philanthropy in education. Monday is his 54th birthday, and the Chinese holiday Teacher’s Day, making the announcement particularly timely.

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