You are here: Home » International » News » Companies
Business Standard

Jack Ma not retiring and will unveil transition plans on Monday: Alibaba

Known as Ma Yun in mainland China, Ma is one of China's wealthiest men, with his net worth estimated at $40 billion by the Bloomberg Billionaires Index

Press Trust of India  |  Beijing 

Jack Ma
Jack Ma | Reuters

Jack Ma, Alibaba co-founder and chairman, is not retiring and will unveil transition plans on Monday, the said Sunday as it rejected a news report that he is stepping down from the Chinese giant.

report said Ma planned to use his 54h birthday to announce his retirement to devote his time to philanthropy focused on education.

According to the report, Ma in an interview said that his retirement is not the end of an era but "the beginning of an era".

Ma also said he would be spending more of his time and fortune focused on education.

The report said Ma was retiring as China's business environment had soured, with the government and state-owned enterprises increasingly playing more interventionist roles with
 

However, the report is contradicted by an Alibaba who was quoted by the Hong Kong-based Morning Post as saying that Ma remains the company's and will provide transition plans over a significant period of time.

The Morning Post is owned by Alibaba.

"story was taken out of context and factually wrong," the daily quoted the as saying.

Ma, the public face of the technology juggernaut, will unveil the power transition plans on Monday, reported.

The succession plan to be unveiled by him would make Alibaba one of the very few Asian that consciously detaches its corporate structure and daily operations from the founder, the report said.

"I sat down with our senior executives 10 years ago, and asked what Alibaba would do without me," Ma said in an interview with

"I'm very proud that Alibaba now has the structure, corporate culture, governance and system for grooming talent that allows me to step away without causing disruption," he said.
 

Known as Ma Yun in mainland China, Ma is one of China's wealthiest men, with his net worth estimated at $40 billion by the Index.

The Hangzhou-based Alibaba, which began as an marketplace founded with USD 60,000, has taken less than two decades to expand into a USD 420 billion juggernaut in online shopping, cashless payments, cloud computing, and even Hollywood movies. Alibaba employs more than 86,000 people.

A former English before establishing Alibaba with 17 partners, Ma is known by colleagues as 'Ma'.

He has mostly detached himself from operational matters and the of his sprawling business empire since stepping down as in 2013, dedicating more of his time and wealth to philanthropy through the Jack Ma Foundation, following in the footsteps of Microsoft Corp's founder Bill Gates, report said.

He is scheduled to be in next week to formalise Alibaba's venture with Mail.ru, the company owned by Russian tycoon and sovereign wealth fund (RDIF).

He is also due to visit Cape Town, where he has promised to fulfil his pledge to help South African to set up a digital training centre to nurture entrepreneurship among the youth.

First Published: Sun, September 09 2018. 18:55 IST
RECOMMENDED FOR YOU