Mubasher: Chinese billionaire Jack Ma, the founder of online retail giant Alibaba, is officially stepping down as chairman of one of the world’s largest e-commerce companies.
After two decades turning Alibaba’s into a company with market capitalisation of $460 billion, Ma, who announced his retirement last year, will be replaced by Alibaba’s CEO Daniel Zhang.
Ma previously said that he would dedicate his focus to philanthropy, most specifically education in rural areas.
Ma’s net worth is $38.4 billion according to Forbes, making him China’s richest man.
The tech tycoon, who surprised observers by his early retirement plan, will still own a 6.22% share, while he will be still on the board of directors until the annual shareholders’ meeting in 2020.
Ma will also take part in a corporate governing body of 38 members, separate from the board.
Ma’s retirement came at the time China’s e-commerce industry is expanding more slowly, along with the economy.
In addition, it came at the time when Alibaba, which grew into financial services, mobile payments, cloud computing and artificial intelligence, is facing a fierce competition from other tech behemoths.