Alibaba's Jack Ma to retire

Alibaba co-founder and executive chairman Jack Ma is set to step down from the Chinese e-commerce giant on Monday, marking a major leadership transition for one of China's most influential technology companies.

Ma, who will turn 54 on Monday, said in an interview with The New York Times that his decision to retire from the company's top leadership was not the end of an era but “the beginning of an era”. He plans to devote more time and resources to education and philanthropy.

“I love education,” Ma said, explaining that his future focus would be on areas he has long been passionate about.

A former English teacher, Ma founded Alibaba in 1999 with 17 others in his apartment in Hangzhou, Zhejiang province. Over the following two decades, he helped transform the company into a global technology and e-commerce powerhouse, expanding its businesses into online shopping, digital payments, cloud computing and other services.

Alibaba's rapid growth made Ma one of the world's most prominent technology entrepreneurs and, at the time, China's richest person, with a fortune estimated at more than $40 billion.

Despite stepping down, Ma will not completely sever ties with Alibaba. He is expected to remain on the company's board of directors and continue mentoring its management team.

His departure is significant because founders of major Chinese technology companies have traditionally remained at the helm well into their later years. Ma's decision makes him one of the earliest prominent Chinese internet entrepreneurs of his generation to voluntarily move away from day-to-day leadership.

Alibaba has grown alongside other Chinese technology giants such as Tencent, Baidu and JD.com, developing businesses that have reached a scale comparable in some areas to major US technology companies.

The company reported a 60 per cent rise in quarterly sales in the previous month, although its profits declined. Its annual revenue was around 250 billion yuan, or approximately $40 billion, according to the report.

Ma's interest in education is closely linked to his background. Before becoming an entrepreneur, he worked as an English teacher, and education has remained one of the causes he has frequently spoken about. He has also cited Microsoft co-founder Bill Gates as an example of how successful entrepreneurs can devote their later years to philanthropy.

His decision therefore represents more than a change in Alibaba's leadership. It also signals Ma's intention to use his wealth, experience and public profile to focus on education and social initiatives after helping build one of China's most powerful digital enterprises.