Talking exclusively to The New York Times, Jack Ma said that his retirement will mark the beginning of a new era. Initially developed as a business-to-business e-commerce solution.
A former English teacher, Ma co-founded Alibaba with 17 others out of his apartment in Hangzhou, Zhejiang province, in 1999. The company had a market value of around $420 billion as of Friday. Alibaba has more than 86,000 employees on staff. He turns 54 on Monday, which is a holiday in China known as Teacher's Day, reported AFP.
Alibaba has one of the strongest management teams in corporate China and even if he steps down, Ma is likely still to have a role in setting top-level strategy, says Brock Silvers, MD of Kaiyuan Capital.
Ma's announcement was somewhat unorthodox; the Times is blocked in China by Communist Party censors, while there was no official statement from Alibaba.
"He's a symbol of the health of China's private sector and how high they can fly whether he likes it or not", Duncan Clark, author of the book "Alibaba: The House Jack Ma Built", said of Ma.
He said: "There's a lot of things I can learn from Bill Gates".
While Alibaba has become dominant in China, it has faced a tougher time expanding internationally.
Though he will no longer be involved in the day-to-day operations of the company, Ma will continue to serve on Alibaba's board where he will offer his input about the future financial direction of the company. He said the reason he's leaving is to pursue philanthropic endeavors focused on education.
Alibaba group founder and CEO, Jack Ma.
Ma's net worth is $39.9 billion, according to Bloomberg's Billionaires Index. He was released and returned to China, although the investigation remains active.
While Ma has been serving as Alibaba's executive chairman after handing the CEO title to David Zhang in 2013, the New York Times reports that Zhang is a candidate to take over his chairman duties.
The Alibaba empire now spans well beyond online retail and payments to include cloud computing, digital media and entertainment, with sterling revenue growth that jumped another 61 percent in the quarter ending June 30.
In an interview with Bloomberg TV this week, Ma signalled he was thinking about focusing more on philanthropy. "I can never be as rich, but one thing I can do better is to retire earlier", Ma said.
Nike is the NFL's official apparel sponsor and manufactures the jerseys and game day apparel worn by all 32 franchises. Nike announced on Monday that it would be making Colin Kaepernick the face of its "Just Do It" ad campaign .
The company's stock has surged more than 70 percent since January, outperforming Apple, which has gained more than 30 percent. In the second quarter, AWS booked $6.1 billion in sales (up 49%), and generated an operating income of $1.64 billion (up 79%).
Tropical Depression Nine was meandering about 1,755 miles east of the Windward Islands with maximum sustained winds of 35 mph. The Hurricane Center is predicting that Florence will generate swells that will affect Bermuda by Friday and the U.S.
With the DCEU's Wonder Woman and the MCU's upcoming Captain Marvel , female-led superhero movies are becoming more common. Marvel has indicated that Captain Marvel will be the new face of the franchise after the "Avengers" films come to an end.
Trump claimed he "never used those terms on anyone", but audio recordings from previous interviews prove otherwise. Those issuing denials, at least in part, included Defense Secretary Jim Mattis and chief of staff John Kelly .
The Apple iPhone XS , XS Plus and iPhone 9 will all likely run on the same hardware, as the iPhone X and iPhone 8 models did. The leaked images of the Apple Watch Series 4 confirmed it to sport larger edge-to-edge display.
The American third seed seemed to struggle physically in high temperatures in NY , with the extreme heat policy again in place. But Stephens said afterwards that she had been feeling under the weather in the build-up to the match. "Maybe the top 100".
On Wednesday, members of the Senate committee were granted up to 30 minutes each to grill Kavanaugh on a variety of subjects. Kavanaugh is a conservative judge - some scholars have argued he is one of the most conservative federal judges .
That includes whether the president obstructed justice in his attempts to undermine the Russian Federation investigation. John Roberts now serves as the chief White House correspondent for FOX News Channel (FNC).
Park is charged with one count of conspiracy to commit computer fraud and abuse and one count of conspiracy to commit wire fraud. A 2015 version of the company's website said it focused on gaming, gambling, e-payments and image recognition software.
Plus, Chrome will now tell you when you already have a site open, so you can jump to that tab without making a duplicate tab. With this release, Google is using the Material Design framework across the desktop, iOS, and Android versions of Chrome .
Kyl likely to be sworn in on Wednesday
"It's a great tribute to John that he is prepared to go back into public service to help the state of Arizona ", she said . Once Kyl is sworn in, Republicans will return to the 51 seats they held in the 100-member Senate before McCain's death.
Nadal and Thiem quarterfinal match should be a dandy one
And, as the tense match went on, the French professional tennis player seemed to get more emotional. "A very well-educated guy". Dominic Thiem went on long into the small hours, with Nadal eventually prevailing in a pulsating deciding-set tiebreak .
Jim Furyk Announces Three Of His Ryder Cup Wildcards
Six of the 11 players are in their 20s, and all 11 players rank among the top 26 in the world (Woods is 26th). Mickelson said he aims to accomplish something he never before has done in this event: Win away from the U.S.
Imran Khan govt plans proposal to 'resolve' Kashmir issue
In January 2016, seven security personnel were killed after militants attacked the Indian Air Force base in Pathankot. He said a comprehensive time-bound action plan with delineated responsibilities be submitted to him for his approval.