China: Jack Ma Alibaba co-founder to retire on his 54th Birthday

Jack Ma, Alibaba’s co-founder and Chief has announced that he is going to retire from one of the biggest Chinese e-commerce company on September 10, which happens to be his 54th Birthday. Jack Ma was an English teacher prior to launching this multi-billion dollar e-commerce business. He had started Alibaba in 1999, his company’s earnings soared to $420.8 billion based on its share price at the close of trading on Friday, September 7.

He is stepping down from Alibaba, but he is going to start a new inning or new era.  Ma told The New York Times that he plans to step down from the company Alibaba, but he referred to his retirement as ‘the beginning of an era’ rather than an end. Jack Ma will remain on the company’s board of directors and continue to mentor its management.  

After being knocked back by US venture capitalists in 1999, cash-strapped Chinese businessman Ma persuaded friends to give him USD 60,000 to start an e-commerce firm called Alibaba. As he prepares to leave the company, Ma is one among China’s super rich people. Jack Ma’s net worth was estimated at USD 38.6 billion by Forbes.

He left his teaching job, when he had discovered the internet. When he saw an opportunity to sell or buy goods online he thought of starting his own company,  That is how Alibaba was born. Initially, he used to run his company out of his apartment in the eastern city of Hangzhou.

“The first time I used the internet, I touched the keyboard and I told myself ‘well, this is something I believe, it is something that is going to change the world and change China,'” Ma once told CNN.

Jack 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. A devotee of tai chi, he has made references to Chinese martial arts in both business strategy and corporate culture.

“Crocodile in the Yangtze,” said “What Silicon Valley is known for, he embodies a lot of that with Chinese characteristics – that spirit of openness, risk-taking, innovation.” Porter Erisman, an Ex-Alibaba employee who filmed a documentary about the firm,

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