Alibaba's Jack Ma, China's Richest Man, To Retire From Company He Co-Founded (nytimes.com) 40
According to The New York Times, Alibaba's co-founder and executive chairman, Jack Ma, is stepping down from the Chinese e-commerce giant on Monday (Warning: source may be paywalled; alternative source) to pursue philanthropy in education. From the report: A former English teacher, Mr. Ma 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. That fueled his net worth to more than $40 billion, making him China's richest man. He 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.
In an interview, Mr. Ma said his retirement is not the end of an era but "the beginning of an era." He said he would be spending more of his time and fortune focused on education. "I love education," he said. Mr. Ma will remain on Alibaba's board of directors and continue to mentor the company's management. Mr. Ma turns 54 on Monday, which is also a holiday in China known as Teacher's Day. The retirement makes Mr. Ma one of the first founders among a generation of prominent Chinese internet entrepreneurs to step down from their companies.
In an interview, Mr. Ma said his retirement is not the end of an era but "the beginning of an era." He said he would be spending more of his time and fortune focused on education. "I love education," he said. Mr. Ma will remain on Alibaba's board of directors and continue to mentor the company's management. Mr. Ma turns 54 on Monday, which is also a holiday in China known as Teacher's Day. The retirement makes Mr. Ma one of the first founders among a generation of prominent Chinese internet entrepreneurs to step down from their companies.
A courageous move (Score:5, Insightful)
How many people are capable of retiring like Xinshng Ma, at the top of his game, at 54 without injury, disease, or corporate coup?
Like our vaunted sports heroes, too many corporate demigods stay too long; stagnating, afraid to leave the comforts of the present to move on to the next adventure.
Re: (Score:3, Informative)
I guess any anti-China conspiracy theory sounds plausible to Americans.
The fact is Jack Ma has been talking about wanting to go back to teaching for years already. It is no secret he mentioned many times he wanted to teach how to run business and his own business started out as a kind of experiment to actually implement the theory he taught in school.
That didn’t tarnish the fact he is not sidetracked by all the money he has made.
Following Wozniak's example (Score:5, Informative)
Re: (Score:1)
Thats how I got my $50,000 job in IT in Silicon Valley.
Re: (Score:2)
That's the equivalent of pulling down a cool $185 a week in West Virginia...
Champagne wishes and caviar dreams
wtf God of Wealth? (Score:3)
There is no "God of Weath". You may be confused about "fat, laughing Buddha" who is often depicted with plenty of money but that's just because he's associated with success and happiness.
Re: (Score:2)
Lakshmi [wikipedia.org], Hindu god of wealth. There is a Hindu minority [wikipedia.org] in China.
Re: (Score:2)
Buddha was a skinny martial artist. Fat god is Hotei
Tech Economy (Score:2)
Ma was lucky to get in on the leading edge of a major new industry (electronic retail), just like the other ultra-rich (oil, computer software, internet services.) How many more of these 'major new industries' will be created in the future, before we've turned over every major technological stone which can be uncovered? Eventually we're going to reach a point where we've discovered every major field that will exist, and there will be no hidden wellspring of techno-economic growth just over the horizon; the
Re: Tech Economy (Score:3)
He already steppded down (Score:3)
This isn't really that big of a deal since he's stepping down as Executive Chairman. He already stepped down as CEO in 2013.
The CEO is more important than the Executive Chairman since the CEO plays an active day-to-day role in the company's operations.
Ma wasn't really involved in the company's operations while as chairman.
https://www.wsj.com/articles/alibabas-jack-ma-to-step-down-as-executive-chairman-1536381356
Mr. Ma started a leadership transition five years ago, when he stepped down as chief executive. Alibaba’s chief executive is Daniel Zhang and the executive vice chairman is Joe Tsai.
Since stepping down, the charismatic technology billionaire has spent much of his time at Alibaba’s Hangzhou campus receiving visiting dignitaries or traveling the world to speak out on causes he believes in.