Lifestyle

Alibaba Founder Jack Ma is Retiring at 55, and Here's Why

“The world is big, and I am still young, so I want to try new things,” says China’s second-richest man
IMAGE World Economic Forum at en.wikipedia [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0), GFDL (http://www.gnu.org/copyleft/fdl.html) or CC BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0)], via Wikimedia Commons
Comments

China’s second-richest man Jack Ma announced that he is retiring a year from now as chairman of Alibaba, the online store he helped found in a small apartment in the late 1990s. The e-commerce company is now one of the most valuable firms in Asia.

In exactly a year after the announcement, Ma said Alibaba Group CEO Daniel Zhang will succeed him as chairman of the company. He will be 55 years old by then. 

Alibaba, which started as a mere ad listing site online in 1999, has grown into one of the biggest e-commerce companies in the world with its online marketplace, Taobao, as its core business. The site serves as a platform for small and medium businesses to conduct trade with customers in China and abroad. 

Yearly, the e-commerce site breaks records during its annual 11/11 sale, China’s take on the famous Black Friday sale in the US, held on November 11. In 2017, Taobao recorded $25.3 billion worth of sales during the one-day shopping event alone. 

The Alibaba Group has since expanded into other businesses—fintech under Alipay, cloud computing under Alibaba Cloud, with a slew of other investments in e-commerce companies based in Southeast Asia like Lazada.

This complex online ecosystem has given Alibaba a lucrative profit machine. In 2017, the Alibaba Group’s overall revenues climbed to 250.27 billion yuan or around $36.47 billion, up by 57 percent from company’s performance in the same period the previous year.

One of the most charismatic and influential figures among China’s richest business leaders, Ma said he will focus his efforts on philanthropy, particularly on education as he goes back to his roots as a teacher, once he retires.

Below is the letter he sent to employees and customers of the company on September 10:

 

This story originally appeared on Entrepreneur.com.phMinor edits have been made by the Esquiremag.ph editors.

ADVERTISEMENT - CONTINUE READING BELOW
Comments
View More Articles About:
About The Author
Elyssa Christine Lopez for Entrepreneur.com.ph
Elyssa Christine Lopez is a staff writer for Entrepreneur Philippines.
View Other Articles From Elyssa Christine
Comments
Latest Feed
 
Share
The agency says that it will eventually replace the need for a physical card
 
Share
Hufflepuffs should rejoice at the representation of the oddball hero of the story.
 
Share
It is possible to feel good and look smart at the same time.
 
Share
Scandinavian-made furniture and home accessories at affordable prices coming very soon.
 
Share
It's a clash of cool Britannia in our latest head-to-head.
 
Share
Some highlights from London's luxury watch event.
 
Share
I was promised dick. I am underwhelmed, just like every other time this has happened.
 
Share
Pilipinas Shell Foundation, Inc. has been working in Palawan since its mother corporation launched the Malampaya Project in 2000.
 
Share
Load More Articles
Connect With Us