Alibaba Group chairman Jack Ma will step down


He said he would remain on Alibaba’s board of directors as he pursues philanthropic endeavours. Ma declared he is preoccupied to create a foundation in his own name focused on education, following in the footsteps of fellow billionaire Bill Gates. He also said he could soon “go back to teaching. „This is something I think I can do much better than being CEO of Alibaba.”


Alibaba has now a market value of more than $US400 billion and interests spanning e-commerce and Hollywood film production to cloud computing and online payments. It’s the world’s biggest e-commerce company by total value of the merchandise sold across its platforms, which include Taobao and TMall. Ma has a net worth of more than $US40 billion, according to the Bloomberg Billionaires Index. Alibaba has one of the strongest management teams in corporate China and even if he steps down, Ma is likely to still have a role in setting top level strategy, “If you want to be successful, learn from the other people’s mistakes, don’t learn from the successful stories,”  Ma previously told the World Economic Forum annual meeting in Davos.


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