Jack Ma will hand the stewardship of Alibaba Group Holding Ltd to chief executive Daniel Zhang in 2019, cementing a succession plan that puts a well-regarded operator at the head of Asia’s most valuable company. Ma will officially pass the baton on his 55th birthday next year but remain on the board until 2020. The former English schoolteacher now intends to focus on philanthropy and education but also pursue “new dreams.” he said in a statement Monday. China’s richest man has become synonymous with a company he helped found in his apartment nearly 20 years ago and has used the chairman’s post to develop managerial talent since ceding the CEO’s role in 2013. He appointed Zhang CEO only in 2015, after which the Shanghai-educated certified account set in motion a plan to buy up and transform brick-and-mortar retailers: a so-called “New Retail” vision that’s cost billions of dollars and taken Alibaba deep into the realm of physical stores.