Jack Ma, Alibabas co-founder and executive chairman, has said that he plans to step down from the Chinese e-commerce giant on Monday to pursue philanthropy in education, a changing of the guard for the $420 billion internet company.

In an exclusive New York Times interview, the Chinese billionaire said on Friday that his retirement was not the end of an era but "the beginning of an era". "I love education," the Chinese billionaire said, adding that he would be spending more of his time and fortune focused on education. A former English teacher, Ma co-founded Alibaba with 17 others out of his apartment in Hangzhou, Zhejiang province, in 1999.