Mr Jack Ma formally retired on 10 September from Alibaba, the Chinese e-commerce giant he founded that helped transform the way hundreds of millions of people shop and made him one of the world's richest men. Starting as a company that aimed to connect Chinese manufacturers with small foreign businesses, Alibaba struck gold when it switched its focus to become an online marketplace for Chinese sellers and consumers.

Mr Daniel Zhang, Alibaba's chief executive, will succeed the 55-year-old Ma as executive chairman. Mr Ma, however, will remain a considerable force at the company. He is a lifetime member of the Alibaba Partnership, a group of a few dozen employees with tremendous power over the company's board and leadership. The partnership also holds sway over key licenses that Alibaba requires in order to do business on the mainland.

Ma will also still control the parent company of Alipay, the Chinese online payment system used in many of Alibaba's digital marketplaces. That business fiercely competes with WeChat, owned by Tencent Holdings, which has become a power in online payments in China, giving Mr Ma a continuing challenge on the business front.

Ma has said he will devote his time to philanthropy, especially rural education.