Alibaba's Jack Ma reportedly downplays imminent retirement talk, but will unveil succession plans

Contrary to previous reports, Alibaba's Jack Ma may not done with the company he founded just yet.

On Sunday, The South China Morning Post quoted an Alibaba spokesman saying that a published report by The New York Times declaring that Ma planned to retire was factually inaccurate, and taken out of context. The Times story said that the executive planned to focus on philanthropy in education.

Instead, on Monday Ma is set to unveil his succession plans to groom other executives to eventually take the helm of the company, the SCMP reported. Ma will stay on as executive chairman while the strategy, which will take place over time, is carried out, it added. The announcement is set to coincide with Ma's 54th birthday.

Ma, who created Alibaba in 1999, is considered China's richest man, with a net worth of more than $40 billion.

The South China Morning Post's full report can be found on its website.

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