Alibaba Group Holding’ co-founder and executive chairman, Jack Ma, will retire from the e-commerce company on Monday.
The former English teacher seeks to focus on philanthropy in education, the New York Times reported.
Jack Ma will remain on the company’s board of directors and continue to mentor the company’s management.
Jack Ma, who founded Alibaba in 1999, stepped down as chief executive officer in 2013. He currently serves as the company’s international face at top political and bushiness’s events.
Jack Ma, who is China’s third richest person with a net worth of $36.6 billion according to Forbes magazine, was quoted by the New York Times as saying that his retirement is not the end of an era, but “the beginning of an era.”
Jack Ma, who turns 54 on Monday, oversees a number of charitable projects in education and environmental fields.
Alibaba was founded by 18 people led by Ma. China’s biggest e-commerce firm, it now has more than 66,000 full-time employees, according to the company’s latest annual filing.
The company had a market value of about $420 billion as of Friday’s close. Ma also controls Ant Financial, which was valued at about $150 billion after a recent fundraising round.