Alibaba's Jack Ma to step down next year

This information was released after conflicting reports over the weekend on the timing of his exit. The chairmanship will be handed to Daniel Zhang, currently Alibaba's chief executive. Billionaire Jack Ma will continue to be a permanent member of the Alibaba Partnership - a group of 36 partners drawn from the senior management ranks of Alibaba Group companies and affiliates.

Earlier, in an interview with Bloomberg, Jack Ma said he plans to devote his time for education after leaving the chairmanship of Alibaba.