Jack Ma ,The English teacher turned Co- Founder of Alibaba Group Holding Ltd, will retire from the e-commerce company as he wants to focus more on humanitarian work in education. However he will remain on the company's board of directors and continue to mentor the company's management, the New York Times reported.

Ma, is considered as one of China's best known corporate leaders and his philanthropic aspect have brought him fame and popularity. It was not immediately clear whether the company will appoint a new chairman. Ma, who founded Alibaba in 1999, stepped down as chief executive in 2013. He currently serves as the company's international face at top political and bushiness's events.

Ma, who is China's third richest person with a net worth of $36.6 billion according to Forbes magazine, was quoted by the New York Times as saying that his retirement is not the end of an era, but "the beginning of an era."

Ma, who turns 54 , currently oversees a number of charitable projects in education and environmental fields. He is a cult figure in China's internet industry and has attracted a good reputation among entrepreneurs and in pop culture alike. He enjoys a huge fan circle also. Ma also keeps a high international profile, frequently inviting global leaders to the company's Hangzhou headquarters. Last year he met with U.S. President Donald Trump, who described him as "smart" and "open minded."

Alibaba was founded by 18 people led by Ma. China's biggest e-commerce firm, it now has more than 66,000 full-time employees, according to the company's latest annual filing. Ma is stepping back at a tricky time for Chinese tech firms. The Chinese government has increasingly sought to regulate the industry where Alibaba and Tencent Holdings Ltd are fighting a fierce competition for the country's consumers.