Jack Ma plans to step down from Alibaba on Monday, pursue charity, NYT says

Says he will remain on Alibaba's board even as he sets up foundation in his own name focused on education

Alibaba Group Holding Ltd. Chairman Jack Ma told the New York Times that he plans to step down from his role at the company on Monday, marking the end of an era at China’s e-commerce juggernaut.

China’s richest man said that he would remain on Alibaba’s board of directors as he pursues philanthropic endeavours, the New York Times reported. Ma told Bloomberg earlier this week that he wanted to dedicate more of his time and fortune to philanthropy with the creation of a foundation in his own name focused on education, following in the footsteps of fellow billionaire Bill Gates.