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Alibaba’s co-founder Jack Ma to retire

Sep 8, 2018 by The Passage Team
Alibaba’s co-founder Jack Ma to retire

Jack Ma, co-founder and executive chairman of Chinese e-commerce giant Alibaba will reportedly retire from the company to pursue philanthropy in education.

In an interview to The New York Times, Ma, a former English teacher, who started Alibaba in the late 90s, announced his decision and said, his retirement is not the end of an era but “the beginning of an era.”

Ma had stepped down as CEO five years ago and had moved away from managing the company’s day-to-day operations.

The company’s current CEO is Daniel Zhang. He played a key role in the expansion of Alibaba’s shopping sites.

The shares of Alibaba jumped almost 1.56% on the New York Stock Exchange on Friday after Ma announced his retirement plans.

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