Friday, 16 November, 2018

Alibaba co-founder Jack Ma to retire

2018 Alibaba Xin Philanthropy Conference Alibaba Group Chairman Jack Ma makes a speech at 2018 Alibaba Xin Philanthropy Conference
Allan Lindsey | 08 September, 2018, 16:12

He built it into one of the world's most consequential e-commerce and digital payments companies, transforming how Chinese people shop and pay for things which fueled his net worth to more than $40 billion, making him China's richest man. Apart from e-commerce, Alibaba also handles digital payments, online banking, cloud computing and digital media and entertainment, reported CNET.

It owns a stake in China's hugely popular Twitter-like Weibo platform and in 2015 it bought the South China Morning Post newspaper. The New York Times is blocked in China by Communist Party censors and there was no official statement from Alibaba on Saturday. He added that he would be spending more of his time and fortune focussed on education. Jack Ma, who is much respected in China, and is the global face of Alibaba, will retire after he turns 54 on Monday.

The pair met while Morley was on a trip to China in 1980.

"I have full confidence in my team and in the partner structure, which lots of investors don't like", Ma said in his interview with Bloomberg.

"I am very thankful for Australia and the time I spent there in my youth", Ma said during his visit. "Personal philanthropy is not about giving cash, but giving your heart, your time and most importantly, your action".

Jordan Henderson signs new Liverpool deal - Premier League 2018
So we do the work now, and this is how it is - it is normal that you are not quite at 100 percent in the games". He's very mature for his age, his feet are firmly on the ground and he can be as good as he wants to be".

Ma, whose Chinese name is Ma Yun, has often described himself as something on an accidental entrepreneur, giving up his university teaching for the hustle of trade after discovering the internet.

After being knocked back by United States venture capitalists in 1999, a cash-strapped Ma persuaded friends to give him $60,000 to start Alibaba, which operated out of an apartment in Hangzhou.

Ma has inspired strong devotion among his employees and users, drawing comparisons with late Apple co-founder Steve Jobs - although he practised a more open management style.

Among China's biggest companies, Alibaba is viewed as one of the firms with the deepest ranks of management talent. "On a day-to-day basis, Alibaba shareholders probably have little to fear should the charismatic Ma pull back a bit further". According to the paper current CEO Daniel Zhang is a "candidate" to replace Ma, who plans to pursue philanthropy in education.

Mr Ma told the New York Times that his decision to stand down was not the end of an era but "the beginning of an era" and that he "loved" education. But Ma on Thursday told Bloomberg TV that he was mulling an early retirement similar to Bill Gates' early exit from Microsoft.

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