Why Jack Ma, the richest man in China, has decided to retire at 54



Founder of Alibaba will work for philanthropy and has already warned: "I have not come to this world to work".

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10 Sep 2018, 09.54 am – Posted on September 10, 2018, 09.20 am

São Paulo – The maker of Alibaba and the richest man in China, Jack Ma, announced that he will leave the presidency of the company. The businessman is only 54 years old and possesses assets worth 36.6 billion dollars. His company Alibaba is one of the largest retailers on the internet. Why stop?

In an interview with The New York Times, Ma said she would spend her time and money on philanthropic projects and education. Before he founded Alibaba in 1999, he was an English teacher.

Announced on Friday, Ma & # 39; s retirement will take place in a year, when Alibaba completes two decades of his life. He will be replaced by the current CEO, Daniel Zhang. Initially, the New York Times even reported that the executive would leave the company from Monday, which even overthrew the company's stock, but the information was corrected.

For Alibaba, Ma's departure means that the company "has reached a different level of corporate governance, from a company that depends on individuals to a system built on systems of organizational excellence and a culture of talent development," the executive said. in an institutional communication.

The billionaire's decision is unusual for Chinese standards. Large owners of large companies often keep a lot of business there in their early years & # 39; 50. It is speculated that Ma & # 39; s exit is linked to the Chinese economic moment, which after a long period of bonanza is facing a period of slower growth, tempered by a trade war with the United States. For private companies in the country there is also the aggravation of state interventionism, which has also grown.

Alibaba denies that the retirement of his founder is related to these factors. The fact is that the businessman has stated several times that he intends to retire earlier. In a recent interview with Bloomberg TV, Jack Ma said he could never be as wealthy as Microsoft founder Bill Gates, but could sooner retire. Gates left Microsoft in 2014 at the age of 58.

Last year, during the World Economic Forum, he even said that he did not want to die "in the office". "The world is so beautiful Why I have to be the CEO of Alibaba I have not come to this world to work, I came to this world to enjoy life I do not want to die in the office, I want to die the beach, "he said then.

Nor is it possible to say that Ma is what an ordinary businessman means, whether in China or elsewhere. Last year, during the birthday party of Alibaba, Ma wore a military uniform and a golden mask while singing Michael Jackson classics such as Billie Jean & # 39; and & # 39; Black and White & # 39 ;. Adei of Tai Chi Chuan, Ma encompasses the practice and philosophy of martial arts in his work. He has appeared in a black robe and traditional shoes when signing a contract

Even when the one-year deadline is over, Jack Ma will not be completely disconnected from Alibaba. Today it has about 6% of the company and must be a member of the company's board of directors.

Jack Ma founded Alibaba in his apartment 19 years ago. The company has grown into one of the largest online retailers in the world and has estimated a market value of $ 420 billion. Alibaba recently reported a turnover increase of 61% to 80.9 billion yuan, which exceeded expectations.


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