China's Ant Group CEO Simon Hu departs amid regulatory-driven revamp

China's Ant Group Chief Executive Officer Simon Hu has stepped down from his role, the company said on Friday, as the fintech giant is being pushed by regulators to revamp operations after its failed $37 billion initial public offering (IPO).
 

Hu, who was named the chief executive of the Alibaba Group Holding in 2019, will be replaced by company veteran and Executive Chairman Eric Jing, the financial technology giant said.
 

Jing will continue in his current role as chairman, he said in an internal memo seen by Reuters.
 

"The Ant Group Board of Directors has accepted Mr. Simon Hu's resignation