End of an era: Jack Ma leaves the Alibaba presidency and retires at age 55

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"Alibaba never talked about Jack Ma, but Jack Ma will always belong to Alibaba", he said the business man on his farewell.

The billionaire who introduced e-commerce in China, Jack Ma will officially resign on Tuesday as CEO of Alibaba and celebrate his retirement with a big party, in which his 5,000 employees are invited, in a stadium in the city company christmas, Hangzhou, reported international media.

Jack Ma announced a year ago that he would retire and gradually abandon the presidency of his large commercial empire. He will leave the presidency of Alibaba and deliver the assignment to the current CEO of the company, Daniel Zhang. "Alibaba never talked about Jack Ma, but Jack Ma will always belong to Alibaba"said Jack Ma himself when he announced his farewell.

The process will be gradual, but will continue to meet with the management until the general shareholders' meeting next year. In addition, he will continue as a partner of Alibaba Partnership for the rest of his life. This group is formed by the leadership of Alibaba and other companies and affiliates that have the right to vote and the possibility to name some of the main positions of the company.

After two decades of transforming Alibaba into a $ 460 million business, Ma is now engaged in full-time philanthropy. The Jack Ma Foundation started in 2014.

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