Jack Ma, co-founder and executive chairman of Chinese etailer Alibaba, has announced he is retiring.
Ma is due to step down from his role in a year’s time to concentrate on philanthropy, the BBC reports. He will hand over the reins to current chief executive Daniel Zhang.
A former English teacher, Ma co-founded Alibaba in 1999. The ecommerce giant raked in $25.3bn (£19.4bn) on the Singles’ Day shopping event alone in 2017.
“Teachers always want their students to exceed them, so the responsible thing to do for me and the company to do is to let younger, more talented people take over in leadership roles,” Ma said in a letter.