Jack Ma, the Alibaba founder, will step down as president of the elite business academy he founded in 2015, reported the Financial Times.
The executive training program, Hupan University, is reportedly akin to Harvard University in its admissions standards. Alongside Ma’s retreat, the course will change its name and the internal curriculum will be restructured.
In the face of an ever-widening crackdown from Chinese regulators, Ma will be stepping back from the academy, located in his home city of Hangzhou. Last month, the regulators fined Alibaba a record $2.8 billion for monopolistic practices and have ordered Ant Group, Ma’s fintech company, to shrink its business and restructure, since its $37 billion initial public offering was squashed last November, said the FT.