Business

Alibaba Co-Founder & Executive Chairman Jack Ma Not Retiring Now, Clarifies Spokesperson

JAVED SAIFI | 0
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| September 9 , 2018 , 17:57 IST

Alibaba co-founder and Executive Chairman Jack Ma retirement reports came out as a false misleading statement on Sunday after a report published in the South China Morning Post issued a clarification. 

The South China Morning Post report states that Ma is not retiring for now and will unveil a succession strategy on Monday when he turns 54 years.

The Hong Kong based-daily denied a New York Times report based on the billionaire's interview that he planned to announce his retirement to devote his time to philanthropy focused on education.

Also Read: Alibaba Co-Founder Jack Ma To Retire On Monday

An Alibaba spokesperson was quoted by the South China Morning Post as saying, "The Times story was taken out of context (is) and factually wrong."

The official said Ma remains the company's Executive Chairman and will provide transition plans over a significant period of time.

Ma, founder of the $420 billion online product selling company is one of the top richest and successful businessmen on the planet. With a net worth of $38.6 billion dollars, Ma is the third richest in China and 20th richest in the world.

A former English teacher, Ma co-founded Alibaba with 17 others out of his apartment in Hangzhou, Zhejiang province, in 1999. He built it into one of the world's most consequential e-commerce and digital payments companies, transforming how Chinese people shop and pay for things which fuelled his net worth, making him one of China's richest men.

(With Inputs from IANS)