Ant Group CEO resigns

Ant Group CEO resigns

Ant Group CEO Simon Hu has resigned for "personal reasons" months after the Chinese fintech giant was forced to abandon its IPO amidst regulatory pressure.

Executive chairman and former chief executive Eric Jing takes over again as CEO at the firm, which is controlled by Jack Ma.

"The Ant Group Board of Directors has accepted Mr Simon Hu's resignation request, due to personal reasons," says a statement.

Ant's planned $37 billion IPO was derailed late last year by China's move to impose tighter restrictions on fintech firms entering the banking market.

Since then the group has reportedly agreed on a restructuring plan with China’s regulators that will turn the fintech giant into a financial holding company subject to capital requirements similar to those for banks.

Comments: (0)