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Jack Ma has stepped down as Alibaba chairman

Times are a-changin’ for the e-commerce behemoth

Photograph: Natalie Behring via Wikicommons
It's the end of an era, folks. SHINE reports that Jack Ma has stepped down as chairman of e-commerce company Alibaba. The move comes as no surprise, as Ma had already announced his plans to abdicate the Chinese retail throne about a year ago, according to Reuters. The 55-year-old entrepreneur-turned-multi-billionaire now plans to pursue ventures in philanthropy and education, but the man known for his charismatic and quirky behaviour has left an indelible mark.

A company that needs no introduction, online retailer Alibaba was founded in 1999 and today clocks in at more than 750 million users every month, who purchase everything from clothes to crude oil. The massive enterprise is worth hundreds of billions, and has no intentions of slowing down – Ma is passing the baton to CEO Daniel Zhang and Co-ounder and Executive Vice Chairman Joseph Tsai.

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