Jack Maa co-Founder of Alibaba announces retirement

Jack Maa who is the co-Founder and Executive Chairman of e-commerce platform, Alibaba announced that he will be departing from his role in the company on September 10. The billionaire has stated that he wishes to devote his time to philanthropy that is focused on education according to reports.

Maa will remain a part of the company's Board of Directors and continue to mentor the management team at the organisation.

Ma was a university teacher and taught but gave the job up after discovering the Internet. Seeing an opportunity for small businesses to buy and sell their goods online, he started Alibaba in 1999, initially running the company out of his apartment in the eastern city of Hangzhou.