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China's richest man Jack Ma will retire on Monday (updated)

Ma co-founded e-commerce giant Alibaba in 1999.
Alibaba Group Chairman Jack Ma attends 2018 Alibaba Xin Philanthropy Conference on September 5, 2018 in Hangzhou, Zhejiang Province of China. VCG via Getty Images

In an interview with the New York Times Jack Ma revealed his plan to step down as executive chairman of Alibaba -- often referred to as China's Amazon -- on Monday. He co-founded the Chinese internet retailer in 1999 and built it into an empire currently worth $420 billion and making the former English teacher China's richest man worth about $40 billion. According to the paper current CEO Daniel Zhang is a "candidate" to replace Ma, who plans to pursue philanthropy in education. Monday is his 54th birthday, and the Chinese holiday Teacher's Day, making the announcement particularly timely.

Update 9/8: An Alibaba spokesperson told the South China Morning Post that the NYT report wasn't strictly accurate. Ma is unveiling a succession strategy, the company said, and will supply transition details for a while yet. He's still the executive chairman, at least for now.

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