Business

China’s Ant Group CEO Simon Hu steps down from the post

By Chitranshi Agarwal

China’s financial-technology giant Ant Group, CEO Simon Hu has stepped down from his role. He will be succeeded by Executive Chairman Eric Jing, the financial technology giant said on Friday.

“The Ant Group Board of Directors has accepted Mr. Simon Hu’s resignation request, due to personal reasons,” Ant said in a statement.

Hu’s exit from the company comes as Ant is working on plans to shift to a financial holding company structure following intense regulatory pressure to subject them to rules and capital requirements similar to those for banks.

That pressure scuppered Ant’s $37 billion IPO last year and has seen it formulate plans to shift to a financial holding company structure.

Tags: Ant Group China Simun Hu

Chitranshi Agarwal

Chitranshi Agarwal is a Journalism and Mass Communication graduate. She has worked as a Content Writer, Social Media handler and RJ. She is currently working as a journalist at USANewshour.com. She is reachable at chitra98ag@gmail.com.