Alibaba co-founder and chairman Jack Ma will unveil a succession strategy on Monday, Beijing News reported.

Ma said in an interview with South China Morning Post that he prepared the plan ten years ago.

"I sat down with our senior executives ten years ago and asked what Alibaba would do without me. I'm very proud that Alibaba has the structure, corporate culture, governance, and system for cultivating talent that allows me to step away without causing any disruption," Ma said.

Ma will remain the Alibaba's executive chairman and will provide transition plans over a significant period, contrary to a New York Time's report that said he plans to retire, according to an Alibaba spokesman.

The chairman said he would like to devote his time to philanthropy and education.

Ma was an English teacher before creating the e-commerce giant Alibaba in 1999.