Ant Financial CEO Simon Hu resigns

Hu played an inevitable role in the establishment and development of Alipay and Ant Financial’s businesses.

Ant Financial CEO Simon Hu Xiaoming said in an internal email on March 12th, that he would resign as CEO of Ant Financial and take charge of Ant’s ecological and social welfare related projects, according to media reports.

After Hu leaves office, chairman Eric Jing Xiandong will take up the CEO role.

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

Hu joined Alibaba Group in June 2005 and successively served as the president of Alibaba Cloud, the chairman of Tianhong Asset Management, and the chairman of MYbank.

He was appointed president of Ant Financial on November 29, 2018, and promoted to CEO on December 19, 2019.

Hu played an inevitable role in the establishment and development of Alipay and Ant Financial’s businesses.

On November 2, 2020, the People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange conducted interviews with Ant Group’s actual controller Jack Ma, chairman Eric Jing, and president Simon Hu.

On November 3, the listing of Ant Group was suspended by the Shanghai Stock Exchange, and then the listing of H shares was also suspended.

Ant Group announced that under the guidance of the financial management department, it will set up a rectification work group to fully implement the requirements raised by the government, and regulate its financial services. And it said it will continue to improve the inclusive service and help develop the economy and improve people’s livelihood.

Alibaba once stated in its financial report for the third quarter of 2021 that due to the recent “major changes” in China’s regulatory environment for financial technology, Ant Group is formulating a rectification plan and must follow regulatory procedures.

Therefore, there are major uncertainties in the business prospects and listing plans of Ant Group.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2021/03/12/ant-financial-ceo-simon-hu-resigns/.

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