Jack Ma to step down from Alibaba in one year

The billionaire business magnate was formerly an English teacher and will 'return to education'

via World Economic Forum / Natalie Behring

Jack Ma, the Chinese business magnate who co-founded Alibaba, is to step down from his role in September 2019.

The English teacher turned billionaire entrepreneur said he will "return to education" as he still has "lots of dreams to pursue".

In a letter to Alibaba customers, employees and shareholders, Ma said: "Those who know me know that I do not like to sit idle.

"I plan on continuing my role as the founding partner in the Alibaba Partnership and contribute to the work of the partnership.

"I also want to return to education, which excites me with so much blessing because this is what I love to do.

"The world is big, and I am still young, so I want to try new things – because what if new dreams can be realised?!"

Ma will be succeeded by Group CEO Daniel Zhang as Chairman of the Board of Alibaba Group.

Zhang has worked with Alibaba Group for 11 years and is credited with overseeing the company's growth for 13 consecutive quarters.

Ma added: "His analytical mind is unparalleled, he holds dear our mission and vision, he embraces responsibility with passion, and he has the guts to innovate and test creative business models."

Ma is a lifetime partner in the Alibaba Partnership, currently comprised of 36 members.

He will continue as Executive Chairman of the company for the next 12 months in order to transition the chairmanship to Zhang.

Companies