Tuesday, 10 September 2019 11:52

Alibaba chairman Jack Ma is due to step down from the e-commerce giant, marking the end of an era for the firm.

He co-founded Alibaba in 1999 and it has become one of the world's biggest internet firms.

Ma's success and colourful style has made him one of China's most recognisable businessmen.

Daniel Zhang, currently Alibaba's chief executive,will replace him as executive chairman.

The company is now valued at $480bn (£389bn) and Ma is China's richest man, with a net worth of $38.6bn according to Forbes.

The 55-year-old is expected to focus on philanthropy and education after he steps down.