Jack Ma to retire from Alibaba, succession plan in place

Ma will launch succession plan to find replacement

Ma plans to spend more time on philanthropy.
Ma plans to spend more time on philanthropy.

Jack Ma, co-founder and executive chairman of Alibaba has announced that he is stepping down.

Ma will reveal a succession plan tomorrow, and will remain as executive chairman until the plan is executed, although no time scale or other details were available.

The 53-year old billionaire said he is planning on retiring from the web giant to focus on philanthropy. Ma will remain on the board of the company.

Ma co-founded Alibaba in 1999, and built it into a $420 billion company with interests in e-commerce, retail, internet payment, cloud and other technology ventures. Alibaba has more than 500 million customers in China,

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