Jack Ma to step down from Alibaba to pursue philanthropy
Alibaba’s co-founder and executive chairman, Jack Ma has decided to step down to pursue philanthropy.
However, according to the New York Times, Ma will remain on the company’s board of directors and continue to mentor its management.
A former English teacher, Ma stepped down as Alibaba’s chief executive in 2013. The company’s current chief executive, Daniel Zhang is the front runner to replace Ma.
His announcement comes at a time when Chinese authorities have regulated the industry and Alibaba is in direct competition with Tencent Holdings.
Source: Marketing