Earlier, The New York Times reported that the co-founder of the Chinese multinational holding company Alibaba would resign from the company on September 10 – his birthday – and subsequently dedicate the rest of his life to the charitable giving of his vast fortune.
The co-founder and executive chairman of China’s Alibaba company, Jack Ma, has said that he will not be “stepping down” from his post on September 10, as was reported earlier, but instead will present a strategy for the gradual succession of company leadership, according to a spokesperson.
According to the corporate statement, a plan developed by Ma and colleagues over 10 years will identify preconditions for the grooming and placement of a new and younger generation of executives to run the online retail behemoth.
READ MORE: China’s Richest Man Jack Ma to Retire ‘Soon’ — Reports
As detailed by the Alibaba news release, following a gradual transition of power, Jack Ma and 35 other senior managers at the Alibaba Partnership will seek to observe the preservation of the mission and culture of the multinational corporation previously established.
Ma, a former English teacher, plans to return to education after leaving his flagship post with Alibaba.