Jack Ma, co-founder and executive chairman of Alibaba is planning to retire from his role to pursue philanthropy in education.

Jack ma, a former English teacher started Alibaba in 1999 and 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.

According to The New York Times, Ma will retire from his role on Monday when he turns 54. The date, September 10, is celebrated as Teacher's Day in China. Ma will continue to mentor the management remaining on Alibaba's board of directors.

Fueling his own net worth to over USD 40 billion and becoming China's richest man, he turned it into one of the world's biggest e-commerce and digital payments companies

(Featured image:The Star)