Jack Ma: Alibaba’s founder resigns

Jack Ma, Alibaba chairman has announced to resign, thus marking the end of an era for the firm. Alibaba is one of the largest e-commerce companies in the world today and was co-founded by Jack Ma, former English teacher in 1999.

The world famous internet firm ultimately made Ma one of the most acknowledged men in the business. Alibaba is estimated to be worth $480bn (£389bn), making Jack Ma the richest man of China.  Reports suggest, he will be replaced by Daniel Zhang, as the company’s new chief executive.

The latest news makes Ma the first founder among a generation of eligible Chinese internet entrepreneurs to retire from his company.

Reports allege, Jack Ma will primarily focus on education and philanthropy after stepping down from his post. He cited his retirement to the New York Times as not the end but the “beginning of an era.” Furthermore, he also added, “I love education.” Zhang was born into a poor family from Hangzhou, an eastern Chinese city. He began his career as a teacher.

According to the newspaper, Jack Ma would remain active as the board of directors and will continue to mentor the company’s management.

In the inside circles of Alibaba, Zhang is known as Xiaoyaozi, which means the ‘unfettered one’, or someone who excels in training others or someone who stays out of battles.

Jack Ma has a net worth of $38.6bn, ranking him the world’s richest billionaires, according to Forbes.