One of China’s best-known business figures and one of the world’s richest entrepreneurs, Jack Ma has announced to steps down as Alibaba Group’s chairman in September 2019 and shift his focus to education and return to teaching.

In a letter released by Alibaba, Jack Ma announced that he would be succeeded by Daniel Zhang, Chief Executive Officer (CEO) of Alibaba Group. Jack Ma revealed, in an interview, his future plans which include returning to teaching after departing from the e-commerce empire he has created.

Jack Ma said, “Those who know me know that I do not like to sit idle. I plan on continuing my role as the founding partner in the Alibaba Partnership and contribute to the work of the partnership.”

He also added, “I also want to return to education, which excites me with so much blessing because this is what I love to do. The world is big, and I am still young, so I want to try new things – because what if new dreams can be realized?”

Born in 1964 to Chinese traditional musician-storytellers, living in Hangzhou, Ma started Alibaba.com in 1999 as a business-to-business marketplace. It was then backed by $60,000 from 18 co-founders. Jack Ma’s current net worth is estimated at around US$ 40 Billion.

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