Alibaba's Jack Ma steps down as industry faces uncertainty

Alibaba set for'big challenge as chairman Jack Ma departs

There is now a mass celebration getting underway at an Olympic-sized sports stadium in Hangzhou.

Jack Ma turns 55 on Tuesday, and China's richest man is celebrating with a milestone move: He's stepping down as executive chairman of the country's e-commerce behemoth Alibaba.

The businessman will also continue mentoring the company's management as he remains a lifetime partner in a corporate governing body called Alibaba Partnership, which has the right to nominate directors to the company's board.

A former English teacher from Hangzhou, Ma co-founded Alibaba in 1999, turning the company into a $480 billion e-commerce giant and himself into China's most influential business guru.

The date, Ma has chosen to step down is September 10.

He's also known as China's richest man with a net worth of nearly 40-billion USA dollars. It employs over 100,000 people, and has expanded into financial services, cloud computing and artificial intelligence.

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The company also said on Tuesday that it had adopted six new core values, among which one was a pledge to "respect the work-life balance decisions of every individual", marking a step away from Ma's recent comments urging tech company employees to work nights and weekends, which sparked a nationwide debate.

The Hurun Report, which follows China's wealth, estimates Ma's fortune at $38 billion.

After building the Alibaba empire Jack Ma will be focusing on philanthropy.

Over the years, Alibaba has grown from an online marketplace into a 460-billion US dollar business.

Ma has said that ensures Alibaba focuses on long-term development instead of responding to pressure from financial markets.

"For Daniel Zhang, this will be a big challenge". Zhang is far more low-key than Ma, described as the Clark Kent to Ma's Superman by Duncan Clark, author of Alibaba: The House That Jack Ma Built. -Chinese trade talks. Tsai said Alibaba stands to benefit from Beijing's promise to increase imports and a growing consumer market.

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