U.S. Markets closed

Alibaba co-founder Jack Ma to retire: New York Times

Jack Ma, founder of Chinese e-commerce giant Alibaba, gestures during the launch of Alibaba's office in Kuala Lumpur, Malaysia June 18, 2018. REUTERS/Lai Seng Sin/File Photo

(Reuters) - Billionaire Jack Ma, Alibaba Group Holding Ltd's <BABA.N> co-founder and executive chairman, is retiring from the company, the New York Times reported on Friday.

Ma was quoted as telling the paper he would step down on Sept. 10 to pursue philanthropy in education.

Alibaba was not available for comment outside business hours.

Ma, a former tour guide, English teacher and self-styled "China's Forrest Gump," would remain on the company's board of directors and continue to mentor the company's management, the New York Times said.

Ma told the newspaper that his retirement "is not the end of an era but "the beginning of an era." He added that he would be spending more of his time and fortune focused on education.

(Reporting by Manas Mishra in Bengaluru; Editing by Sandra Maler)