Ant Group Co. Chief Executive Simon Hu has resigned, the company said Friday, amid heightened scrutiny over the Chinese financial-technology behemoth.
The departure of Mr. Hu, one of Ant’s two top executives, comes at a time when the fintech affiliate of Alibaba Group Holding Ltd. is revamping its entire business, following the abrupt cancellation of its blockbuster initial public offering late last year, and as Chinese authorities have stepped up pressure more broadly on the country’s technology giants.
“The Ant Group Board of Directors has accepted Mr. Simon Hu’s resignation request, due to personal reasons,” Ant said in a statement. ”We are thankful to Simon for the efforts he made at our company.”
Chairman Eric Jing will take up the CEO role, in addition to his current position—a dual role he had held before Mr. Hu became CEO in December 2019.
Mr. Jing said in an internal memo that Mr. Hu will devote his efforts to philanthropic work, and will be fully responsible for philanthropy and social responsibility at both Ant and Alibaba, according to people who saw the memo. Ant is controlled by Jack Ma, the billionaire founder of Alibaba.