Jack Ma is reportedly set to announce his plans for retirement as executive chairman of Alibaba and the company's future leadership on Monday, which also marks the billionaire's 54th birthday. On Friday, the New York Times published a story and interview with Ma that said he plans to retire as executive chairman on Monday but will remain on the company's board. The Post says he will stay on as executive chairman during the transition, citing a company spokesman. With a personal net worth of around $40 billion, Ma is one of the richest people in China. Editor's note: This story has been updated to reflect reports that Ma will stay on as executive chairman during Alibaba's transition period.

Source: CNN September 08, 2018 00:41 UTC