Simon Hu, the Chief Executive Officer of China's Ant Group, resigned from his post, the company announced on March 12. He has been replaced by Eric Jing, a veteran of the fintech giant currently serving as the Executive Chairman, the official release stated.
The rejig in Ant Group's leadership comes in the backdrop of a failed $37 billion initial public offering (IPO). The regulators in China have, since then, increasingly been pushing the firm to revamp its operations.
Hu, the departing CEO, was appointed at the helm of Alibaba Group Holding in 2019.
"The Ant Group Board of Directors has accepted Simon Hu's resignation request, due to personal reasons," Reuters quoted the official statement as saying.
The exit of Hu also coincides with the Ant Group's plan to shift to a financial holding company structure following intense regulatory pressure.
This pressure is considered to have scuppered Ant's IPO last year, which would have been the world's largest.
The change in management was preceded by the frustration vented on social media by some of the Ant staff over not being able to sell the company shares they own. The transactions were paused after the Chinese regulators abruptly halted the company's market debut.
Jing, who is taking over the leadership role from Hu, has attempted to address some of the apprehensions raised by the staff. He has offered to review the incentive programmes and roll out measures from April to address their financial issues, Reuters reported citing sources.
With Reuters inputs.
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