Jack Ma delivers a speech at the Xin Philanthropy Conference, hosted by Alibaba’s Public Welfare Foundation in Hangzhou, Zhejiang Province, on September 5. (Photo: VCG) 

Jack Ma, the executive chairman of Alibaba Group Holding Ltd, will unveil a succession plan next Monday, South China Morning Post (SCMP) reported on Saturday.

Ma will remain the company’s executive chairman while carrying out the plan, denying a previous report on his retirement by the New York Times on Friday. The plan is scheduled to be made public on Ma’s 54th birthday, which will fall on Sept. 10 this year, an Alibaba spokesperson told SCMP. 

The succession plan has been 10 years in the making and aims to pave the way for younger talents to take over, SCMP report said.