Daily Management Review

Ant Group CEO resigns


CEO of Ant Group has resigned from his position - according to the company, of his own volition. Bloomberg previously reported that employees at Jack Ma's fintech company are leaving, unhappy with the disruption of what could have been the world's largest IPO.

Ant Group CEO resigns
Simon Hu, CEO of Chinese fintech service Ant Group, has resigned from his position, the company said in a statement quoted by Reuters. Ant Group has accepted Hu's resignation; it was submitted for personal reasons, the agency reported. Hu has been replaced by current chairman Eric Jing. The company's website already reflects the change, stating that Jing will combine the roles of head of the company and board of directors. Simon Hu is no longer listed as a senior manager and director of Ant Group.

Simon Hu joined Alibaba in 2005. The Chinese company owns a third of the Ant Group. Before that, Hu worked at China Construction Bank, China's second-largest bank, Bloomberg says. The top executive worked to drive innovation at the company and helped it build Asia's largest cloud business and surpass Amazon. Hu moved to Ant Group as president in November 2018, becoming CEO in December 2019.

Ant Group released internal financial discipline rules on Friday, Reuters reported. For example, the company said its consumer lending platforms should not lend to minors and should discourage small business loans from being invested in stocks and real estate. In addition, the company's credit rating service will now not work with financial institutions, including micro-loan companies, without a clear risk assessment of such cooperation.

source: forbes.com