Millionaire founder of Alibaba (Hangzhou, China) Jack Ma will step down as executive chair of the business to retire, reports CNN Business. Ma has built the company into a $460 billion business in the past 20 years.
"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."
Ma will remain involved with the Alibaba Partnership, a group of 36 responsible for nominating members to the board of directors. Daniel Zhang, Alibaba CEO, will also take on the chairman’s role.