Ant Group’s chief executive will step down from the top role after several turbulent months for the Chinese fintech giant.
Ant Group CEO Simon Hu has resigned for personal reasons, according to a statement that did not provide further details.
Hu will be replaced by Eric Jing, who will concurrently retain his existing role as Ant’s executive chairman which he held since 2018.
IPO Responsibilities
Hu first joined Ant in 2005 as the founder of the fintech group’s microloan unit before taking on various positions within the broader Alibaba Group. He was named Ant CEO in December 2019 and was tasked with managing the eventually scrapped dual listings in Hong Kong and Shanghai.
Hu’s exit follows a four-month saga after Ant’s canceled $37 billion IPO which included founder Jack Ma’s temporary disappearance from the public eye, an anti-trust probe by regulators and a major restructuring transforming the tech firm into a financial holding company.
