BEIJING: Jack Ma, the pioneer of China's internet industry, has termed the speculation swirling around his retirement as a "sea gossip", saying that he would rather die on the beach than in his executive office at Alibaba.
On September 10, Chinese billionaire Ma, on his 54th birthday, announced that he would step down as Alibaba's executive chairman in one year to make way for the next generation of leaders at the $420 billion e-commerce giant.
He named the company's chief executive officer (CEO) Daniel Zhang as his successor who would take charge in September next year, while he would continue to be company's director.
His retirement report sparked off speculation that he may be stepping down due to prevailing business environment in China.
The New York Times in its report said Ma is retiring as China's business environment has soured, with Beijing and state-owned enterprises increasingly playing more interventionist roles with companies.