Hong Kong (CNN Business)Jack Ma, the billionaire who ushered e-commerce into China, is officially stepping down as Alibaba’s executive chairman on Tuesday. He’s celebrating his retirement with a big bash at an Olympic-sized stadium in the company’s hometown of Hangzhou. After two decades building Alibaba into a $460 billion business, Ma is now pivoting full time to philanthropy. He started the Jack Ma Foundation in 2014, and has cited the Bill and Melinda Gates Foundation as an inspiration for his charitable endeavors. “Jack has been signaling for some time his interests in philanthropy, environment, women’s empowerment, education and development,” said Duncan Clark, the author of “Alibaba: The House That Jack Ma Built.” The eager teacher “Before I’m 70 years old, I can do something in other fields, in areas like education,” Ma said at an Alibaba event last September. Read More Ma announced his intention to resign a year ago. Even after stepping away from Alibaba’s senior management and board, he is expected to continue to shape the company’s future through his lifetime membership with the Alibaba Partnership, a group of 36 people that can nominate a majority of the directors to the board. He also retains a 6.22% share… Read full this story
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Jack Ma retires from Alibaba as he turns 55. What comes next? have 283 words, post on edition.cnn.com at September 10, 2019. This is cached page on Konitono News. If you want remove this page, please contact us.