Ant Group CEO Simon Hu Resigns

Simon Hu had served as Ant CEO since December 2019.



Photo:

jason lee/Reuters

Simon Hu,

Chief Executive of Ant Group Co., resigned on Friday, citing personal reasons, amid heightened scrutiny over the Chinese financial-technology behemoth.

“The Ant Group Board of Directors has accepted Mr. Simon Hu’s resignation request, due to personal reasons,” Ant said. ”We are thankful to Simon for the efforts he made at our company.”

Chairman

Eric Jing

will take up the CEO role. Mr. Jing said in an internal memo that Mr. Hu will devote his efforts to philanthropic work, and will be fully responsible for philanthropy and social responsibility at both Ant and its affiliate

Alibaba Group Holding Ltd.

, according to people who saw the memo.

Mr. Hu had served as Ant CEO since December 2019, taking over from Mr. Jing. His resignation came as Ant had been revamping its entire business following the abrupt cancellation of its initial public offering last year.

In November, Chinese authorities called off a two-part stock offering by Ant in Hong Kong and Shanghai, which would have been the world’s largest IPO.

Ant is controlled by

Jack Ma,

the billionaire founder of Chinese e-commerce group Alibaba.

After Jack Ma criticized Chinese regulators, Beijing scuttled the initial public offering of his fintech giant Ant and he largely disappeared from public view. WSJ looks at recent videos of the billionaire to show how he got himself into trouble.

Write to Jing Yang at [email protected]

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Source link