Jack Ma (File photo)

Jack Ma, founder and chairman of China’s e-commerce giant Alibaba, announced that he will quit his role as chairman next year, through a post on his personal social network this Monday, thepaper.cn reported.

CEO Daniel Zhang is set to take over the chairmanship on September 10, 2019, on Alibaba's 20th anniversary. Ma announced the decision in a letter on Weibo, addressed to all teachers on China’s National Holiday, Teachers Day.

The billionaire said he will still keep his job as a board member until the 2020 annual stockholders’ meeting, and will also provide a transition plan for Alibaba.

It’s thought that Ma has been toying with this decision for the past decade. After quitting as chairman, he will devote more time and money to educational philanthropy and his environmental protection cause, he told South China Morning Post last Saturday.

Sept. 10 marks not only China’s Teachers’ Day, but also the 19th anniversary of Alibaba's creation as well as Ma's 54th birthday. Before creating the e-commerce empire, Ma had been an English teacher.

The successor Zhang, an 11-year veteran at Alibaba Group, was appointed CEO in May 2015. Over the years, he has assisted with top management positions across the organization and led the company to build Cainiao Network, a comprehensive global logistics network.