September 10 is also the 55th birthday of Ma, a member of China's Communist Party, who created a business environment conducive to Alibaba's success by communicating well with the government and the ruling party.
Ma announced his retirement from Alibaba past year, saying he was leaving to pursue philanthropic endeavors geared toward education.
Ma's successor as chairman is CEO Daniel Zhang, a former accountant and 12-year veteran of Alibaba.
Ma will be replaced by current executive director of Alibaba Group, Daniel Zhang.
Ma plans to put his vast fortune into philanthropic efforts for education.
On Tuesday, Alibaba also announced a refresh of its six core values to strengthen the company's culture, as it navigates through the fast-evolving digital era and moves to remain relevant to its global workforce.
He will stay on as a member of the Alibaba Partnership, a 36-member group with the right to nominate a majority of the company's board of directors.
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Ma referenced his previous teaching career to explain why he wanted to step down from his company.
On 4 April 1999, Ma and his team of 17 friends and students founded Alibaba.com, a China-based B2B marketplace site, in his Hangzhou apartment.
"Today isn't about Jack Ma retiring but the beginning of a succession system", he said.
Alibaba said that its revenue rose 42 percent year-on-year in the quarter ending in June to US$16.7 billion and profit rose 145 percent to US$3.1 billion. In March 2018, Zuckerberg said that "one of the biggest mistakes" of Facebook was not digging deeper into the Cambridge Analytica scandal.
Meanwhile, Techcruch reports Ma will continue serving on Alibaba's board until its annual general shareholders' meeting next year.
In his closing statement, Ma said Alibaba is obligated to improve society through the advancements of technologies like big data and 5G.
"At the age of 54, I am a bit old in the Internet industry, but quite young for many other sectors", he said. The Chinese entrance exams are held only once a year and Ma took four years to pass. Ma attended Hangzhou Teacher's Institute (currently known as Hangzhou Normal University) and graduated in 1988 with a BA in English.
Alibaba's sprawling operations have penetrated Hollywood in recent years.
The company's US$25 billion initial public offering on the New York Stock Exchange in September 2014 was the biggest to date by a Chinese company.