Alibaba  (BABA - Get Report)  will say goodbye to its charismatic co-founder Jack Ma on Tuesday, ushering in a new era of leadership for China's most successful tech giant.

Ma announced last year that he would step down from his role as Alibaba's chairman to concentrate on educational philanthropy. The former English language teacher, who had no formal training in technology, helped build the company currently valued at about $460 billion. Ma is also China's richest man with a net worth of $38.4 billion, according to Forbes.

He is stepping down on his 55th birthday, reportedly with a giant farewell party set to take place in the 80,000-capacity Hangzhou Olympic Sports Center stadium.

The executive chairman position will go to Daniel Zhang, who has been the company's CEO since 2015 and is behind the group's international expansion. Zhang is also credited for creating the company's "Single's Day" sales event in November -- the world's largest annual online shopping event.

Ma will remain on the Alibaba board until 2020.

Alibaba shares are up 9% since Ma announced his retirement before markets opened on Sept. 10 last year. Shares were up 0.4% to $177.31 on Monday morning and the stock is up nearly 30% so far this year.