Jack Ma, co-founder and executive chairman of Alibaba has announced that he is stepping down.
Ma will reveal a succession plan tomorrow, and will remain as executive chairman until the plan is executed, although no time scale or other details were available.
The 53-year old billionaire said he is planning on retiring from the web giant to focus on philanthropy. Ma will remain on the board of the company.
Ma co-founded Alibaba in 1999, and built it into a $420 billion company with interests in e-commerce, retail, internet payment, cloud and other technology ventures. Alibaba has more than 500 million customers in China,