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Alibaba co-founder Jack Ma to step down

Jack Ma, co-founder and executive chairman of Alibaba Group Holding Ltd., is retiring from the company to pursue philanthropy in education, The New York Times reported Sept. 7.

In an interview, Ma told the news outlet that he would step down Sept. 10 and would be spending more of his time and wealth on education.

Ma, who started the internet company in 1999, will remain with the company as a director. In addition, he will continue to provide guidance to the company's management, according to the report.

Alibaba did not immediately respond to S&P Global Market Intelligence's request for comment.