Alibaba's Executive Chairman Jack Ma will step down in September 2019 and hand over the reins to Chief Executive Daniel Zhang, the Chinese e-commerce giant said on Monday.
Ma, who co-founded the company almost 20 years ago which now is the world's biggest e-commerce behemoths, said in a letter to his employees that "transition demonstrates that Alibaba has stepped up from a company that relies on individuals, to one built on a culture of talent development".
Ma, who was a school teacher in China's small town of Hangzhou where Alibaba is headquartered and now one of the richest men in the world, will get to back to education, the billionaire said in a letter to his employees.
On the company's 20th anniversary on September 10, 2019, Zhang will take charge as the new chairman.
The development comes days after his imminent retirement in a report by the New York Times, juked by the company.
"Ma will continue as the executive chairman of the company over the next 12 months to ensure a smooth transition to Zhang," a statement from the firm said.
Ma's net worth is $36.6 billion.
Zhang, who was earlier the Chief...