Alibaba co-founder Jack Ma to retire: New York Times

Billionaire Jack Ma, Alibaba Group Holding Ltd`s co-founder and executive chairman, is retiring from the company, the New York Times reported on Friday.

Ma was quoted as telling the paper he would step down on Sept. 10 to pursue philanthropy in education.

Alibaba was not available for comment outside business hours.

Ma, a former tour guide, English teacher and self-styled "China`s Forrest Gump," would remain on the company`s board of directors and continue to mentor the company`s management, the New York Times said.

Ma told the newspaper that his retirement "is not the end of an era but "the beginning of an era." He added that he would be spending more of his time and fortune focussed on education.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)