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China's Ant Group Chief Executive Officer Simon Hu has unexpectedly resigned amid a regulatory-driven overhaul of the financial technology giant's business.

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.

BBC News Published image captionAnt Group is controlled by Alibaba founder Jack Ma The chief executive of China's Ant Group has stepped down "for personal reasons" as the online payment giant undergoes a restructuring. Simon Hu will be replaced by executive chairman Eric Jing, the company said. Ant is controlled by billionaire Jack Ma who first made his name through the trading platform Alibaba. The firm has come under intense regulatory pressure and was forced to drop its planned $37bn public share sale last year. Ant Group is China's biggest payments provider, with more than 730 million mon...

The Chinese digital payments company Ant Group, an affiliate of Alibaba Group (NYSE: BABA), has announced the resignation of CEO Simon Hu. What Happened: Hu ...

Ant Group CEO Simon Hu Resigns BEIJING (dpa-AFX) - Ant Group chief executive officer Simon Hu has resigned. Its Chairman Eric Jing would take over as CEO, effective immediately, according to several reports. A spokesperson for Ant Group reportedly said, 'The Ant Group Board of Directors has accepted Mr. Simon Hu's resignation request, due to personal reasons.' Ant Group, formerly known as Ant Financial and Alipay, is an affiliate company of Billionaire Jack Ma's Alibaba Group. Simon Hu became Ant Group CEO in December 2019 after a year working as the group's president. Before that, he spent f...