Jack Ma steps down as Alibaba’s chairman

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(Shanghai) – Jack Ma, the Co-founder of the Chinese retail behemoth Alibaba, is stepping down as company chairman, the day high-profile entrepreneur turns 55.

Jack Ma, a former English teacher, along with a team of few people founded Alibaba in the eastern city of Hangzhou in 1999; 20 years later, it has over 60,000 full-time employees. It is now a company valued over $430 billion.

Since its founding , Alibaba has gone from being a traditional e-commerce company to a conglomerate that has businesses from logistics to food delivery and cloud computing.