Alibabas Jack Ma to step down and focus on philanthropy

According to bbc, One of China's richest men, Jack Ma, is to step down as executive chairman of the Alibaba e-commerce empire on Monday, the New York Times reported. He will remain on Alibaba's board of directors but focus on philanthropy in education, the newspaper said.

With a market value of more than $400bn (£309bn), it includes online selling, film production and cloud computing.In an interview with the Times, former English teacher Mr Ma said retirement would not be the end of an era but

Mr Ma began his professional life teaching English at a university in the Chinese city of Hangzhou, in eastern Zhejiang province. He started Alibaba from his flat in Hangzhou with a group of friends.

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