Jack Ma resigns as Ali Baba's Chairman.

Ali Baba, one of the world’s largest e-commerce companies, founder Mr. Jack Ma has resigned as its chairman. He will be replaced by Daniel Zhang, the company’s chief executive and accountant by training. Jack Ma had announced his retirement last year. Jack Ma stated that he will concentrate more on philanthropy and focus on education in rural areas.

According to Forbe’s , Jack Ma’s net worth is $34.4 billion, making him the richest man in China. Ali Baba has been listed in the New York Stock Exchange since 2014.

Jack Ma will still retain a 6.22% share and will remain on the board of directors until the next Annual General Meeting in 2020 and thereafter he will join the corporate governance body of 38 members.