Jack Ma to remain Alibaba executive chairman, reveal succession plan next week

Alibaba co-founder Jack Ma to retire

Alibaba co-founder Jack Ma to retire

Ma, who founded Alibaba in 1999, stepped down as chief executive in 2013.

Earlier this week, Mr Ma told Bloomberg TV that he wanted to create a personal foundation, following in the footsteps of Microsoft's Bill Gates.

"I don't think it means that much, frankly". Adding that he loves education, Jack Ma said that after stepping down his focus will be on education. When asked if his retirement could happen as soon as this year, Ma smiled and said, "You'll know very soon".

According to the Bloomberg Billionaires Index, Mr Ma has a net worth of about $40bn (£30.96bn).

Alibaba is active in sectors across the Chinese economy and has transformed many. He would take the company to astronomical heights and make it China's major e-commerce website in the years to come.

Ma is retiring as China's business environment has soured, with Beijing and state-owned enterprises increasingly playing more interventionist roles with companies.

Mr Ma is the first of his generation of rich tech bosses to retire as Chinese business bosses often run their empires well into their 80s. On one hand, Chinese tech companies are facing increased scrutiny by the Chinese government led by President Xi Jinping, on the other hand, the tech firms are caught in an escalating trade war between the U.S. and China.

Petrol price to rise by 5 cents
The department said the sustained hikes in fuel prices over the past few months have placed a strain on consumers. Diesel , too, hit a new high of Rs 75.54/litre in Mumbai and Rs 71.15 per litre in Delhi on Monday.

Ma will announce the plan on his 54th birthday and the handover strategy will stretch over a significant period of time, the South China Morning Post (SCMP) newspaper reported citing a company spokesman.

Ma graduated from the Hangzhou Teachers College with a major in English-language education, and went on to teach at another university in the city, where Alibaba is still headquartered.

Ma has inspired strong devotion among his employees and users, drawing comparisons with late Apple co-founder Steve Jobs - although he practised a more open management style.

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

Chinese state media have burnished his rags-to-riches story, saying his parents were poorly educated and his father depended on a monthly retirement allowance of just $40 to support the family.

The departure of Ma is likely to jolt China's internet industry, which has been reeling from the arrest last weekend of Liu Qiangdong, the billionaire founder of the online retailer JD.com.

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