Alibaba's Jack Ma, China's richest man, explains why is he retiring

A former English teacher, Ma co-founded Alibaba with 17 others out of his apartment in Hangzhou, Zhejiang province, in 1999.

(FILES) In this file photo taken on April 18, 2018, Alibaba founder Jack Ma gestures as he arrives for a meeting with Thailand's Prime Minister Prayuth Chan-ocha in Bangkok during a visit to the country to announce the group's investment in the Thai government's Eastern Economic Corridor (EEC) scheme. Alibaba co-founder and chief Jack Ma announced on September 7, 2018 he will leave from the Chinese e-commerce giant on Monday to devote his time to philanthropy focused on education. / AFP PHOTO / POOL / JORGE SILVA

New York: Jack Ma, Alibaba's co-founder and executive chairman, has said that he plans to step down from the Chinese e-commerce giant on Monday to pursue philanthropy in education, a changing of the guard for the $420 billion internet company. In an exclusive New York Times interview, the 54-year-old Chinese billionaire said on Friday that his retirement was not the end of an era but "the beginning of an era". "I love education," the Chinese billionaire said, adding that he would be spending more of his time and fortune focused on education. A former English teacher, Ma co-founded Alibaba with 17 others out of his apartment in Hangzhou, Zhejiang province, in 1999. He built it into one of the world's most consequential e-commerce and digital payments companies, transforming how Chinese people shop and pay for things which fueled his net worth to more than $40 billion, making him China's richest man. Ma is revered by many Chinese, some of whom have put his portrait in their homes to worship in the same way that they worship the God of Wealth. Ma will remain on Alibaba's board of directors and continue to mentor the company's management. He will turn 54 on Monday, which is also a holiday in China known as Teacher's Day. The retirement makes Ma one of the first founders among a generation of prominent Chinese internet entrepreneurs to step down from their companies. Firms including Alibaba, Tencent, Baidu and JD.com have flourished in recent years, growing to nearly rival American internet behemoths like Amazon and Google in their size, scope and ambition. Last month, Alibaba reported a 60 per cent increase in quarterly sales, even as profits fell. The company's annual revenue totals about 250 billion yuan ($40 billion). For Chinese tycoons to step aside in their 50s is rare; they usually remain at the top of their organisations for many years. In an interview earlier this week, Ma had signaled that he was thinking about focusing more on philanthropy. He cited the Microsoft co-founder and philanthropist Bill Gates as an example.