Ant Group’s President Han to turn out to be CEO in March; Jing to remain as chairman

By Kanjyik Ghosh

(Reuters) -The president and monetary chief of China’s Ant Group, Cyril Han, will take over from Eric Jing as chief govt from March 1, confirmed an inner memo seen by Reuters which was confirmed by a spokesperson.

Han will proceed to report back to Jing who will stay as chairman, the memo confirmed.

Han turned president in March through the fintech’s largest organisational change because it was fined $984 million in July 2023 for violations in areas corresponding to company governance.

As president, Han was answerable for Ant’s digital funds, digital connectivity and digital finance companies.

Ant is the monetary affiliate of e-commerce large Alibaba (NYSE:BABA) Group, which owns 33%. It operates cell fee app Alipay and was valued at over $300 billion in mid-2020 earlier than an IPO that pulled on account of regulatory issues.

Han joined Alipay in 2014 the place he has held a number of positions together with vice chairman of strategic funding, chief monetary officer and president, the memo confirmed.

Ant reported January-March internet revenue of seven.59 billion yuan ($1.04 billion), Reuters beforehand reported.

Han’s appointment was first reported by Bloomberg.

($1 = 7.2700 Chinese language yuan renminbi)