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Collin Furtado · · 1 min readAnt Group CEO Simon Hu steps down from the Chinese tech giant
“China’s Ant Group chief executive officer Simon Hu has stepped down from his role, the company said on Friday, as the fintech giant is being pushed by regulators to revamp operations after its failed US$37 billion initial public offering (IPO),” reported Reuters.
Details:
- The Alibaba-backed fintech company said that Hu will be replaced by executive chairman Eric Jing, who will also continue in his current role, said the report, citing an internal memo.
- In a statement, Ant said that the board has accepted Hu’s resignation request, which cited personal reasons.
Context:
- This development comes after the fintech giant has been working to shift to a financial holding structure after Chinese regulators asked Ant to return to its payment roots.
- Recently, it was also reported that Ant has been dealing with employee discontent since the suspension of the company’s IPO at the end of last year.
Editing by September Grace Mahino
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