China CEO of the Ant Group, Hu, is walking away amid a regulatory-driven renewal

Ant Group Chinese CEO Simon Hu has resigned from its role, the company said Friday, as the fintech giant was pushed by regulators to renew operations after its failed $ 37 billion initial public offering (IPO).

Hu, who was named CEO of Alibaba Group Holding in 2019, will be replaced by company veteran and executive chairman Eric Jing, the financial tech giant said. Jing will continue in his current role as president, he said in an internal note seen by Reuters.

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“The Ant Group board of directors has accepted Mr. Simon Hu’s request for resignation, for personal reasons,” Ant said in a statement. Hu’s exit from The company comes as Ant is working on plans to move to a financial holding structure following intense regulatory pressures to subject them to banking-like rules and capital requirements.

That pressure scuttled Ant’s IPO last year, which would have been the largest in the world, and saw plans formulated to move to a financial holding structure. The takeover also comes days after some Ant employees expressed frustration on social media at not being able to sell the company’s stock they own after Chinese regulators abruptly ended the company’s market debut.

Jing told Ant employees that the company would review its staff incentive programs and initiate some measures from April to help solve their financial problems, according to two people who saw the messages.

(This story has not been edited by our team of editors and is generated from a feed.)

News Highlights:

  • Jing will continue in his current role as president, he said in an internal note seen by Reuters. “The Ant Group board of directors has accepted Mr. Simon Hu’s request for resignation, for personal reasons,” Ant said in a statement.
  • China CEO of the Ant Group, Hu, is walking away amid a regulatory-driven renewal