The e-commerce giant and one of Asia's richest men, Jack Ma on Tuesday stepped down as the executive chairman of China's largest company -- Alibaba Group Holding Ltd -- a decision which also coincided with his 55th birthday.
Ma will be replaced by CEO Daniel Zhang, who will also take on the role of chairman.
With 6.44 per cent of shares in his bracket, Jack will continue to exert his influence on China's biggest e-commerce company through his lifetime membership with the Alibaba Partnership, reported CNN.
In 2018, Ma had announced his retirement plans from the senior management position after two decades of building Alibaba into an e-commerce powerhouse worth $ 460 billion.
Last year, Ma spoke about the challenges for the future of education at the World Economic Forum, warning that "if we do not change the way we teach, 30 years later we will be in trouble."
The Jack Ma Foundation was established in 2014 and has been cited by the Bill and Melinda Gates Foundation as an inspiration for his charitable endeavours.
"Jack has been signalling for some time his interests in philanthropy, environment, women's empowerment, education, and development," said Duncan Clark, the author of Alibaba: The House That Jack Ma Built.