Jack Ma, Co-Founder of $420 Billion Alibaba Group, Set to Retire on Monday
File image of Alibaba Group chief Jack Ma | (Photo Credits: Getty)

Beijing, Sept 8: China's richest man Jack Ma, co-founder of the $420-billion Alibaba Group, is set to retire on Monday. The 54-year-old is the incumbent executive chairman of Alibaba, considered to be the 'Amazon of China'. Among probables to replace him, the top candidate is Daniel Zhang, the chief executive officer of the company.

Alibaba was co-founded by Ma in 1999, making it the first e-commerce firm in China. The company has grown by leaps in the past two decades, not only dominating the market in China, but also grabbing a market share in most nations of the South and Southeast Asia.

While speaking to a news channel on Thursday, Ma said he would take early an retirement as he considers to have achieved most of his targets in the professional career. With a personal net worth of $40 billion, Ma now looks forward to pursue philanthropy in education.

Notably, the day chosen by him for retirement falls on September 9, celebrated annually as the Teachers' Day in China.

Ma recalled that he began his career as an English teacher, before turning into an entrepreneur. Though he could still continue in the entrepreneurial race, Ma said he is not inclined to do so. "I may not be as rich as Bill Gates, but one thing I can do better is to retire earlier," he said.

The Chinese billionaire further claimed that his decision is not impulsive. "I have been preparing for this for over 10 years," he said, adding that the Jack Ma Foundation would work towards penetrating education in all peripheries of the nation.