Alibaba founder and chairman Jack Ma has retired, aged 55, with a net worth of $38.4bn (£31.1bn).
Ma founded the Chinese online giant 20 years ago, and will use his retirement to spend more time on his philanthropic works and education, and with his family.
He will hand over the chairman role to Alibaba’s incumbent CEO Daniel Zhang, a transition that was announced a year ago.
Ma was CEO at Alibaba until 2013, when he was succeeded by Jonathan Lu. Lu was then replaced by Zhang in 2015.
A former English teacher, Ma will continue to serve on Alibaba’s board until its annual general shareholder’s meeting next year, it has been reported.
He will remain a lifetime partner of the Alibaba Partnership, a group of senior management from Alibaba Group companies that has the right to nominate up to a simple majority of its board.