Ant Group Announces New CEO as Part of Reorganization Amid Chinese Tech Crackdown
Ant Group, the financial technology giant behind the popular payments app Alipay, has announced that its current president and finance chief, Cyril Han, will take over as CEO from next year. Han will replace current CEO Eric Jing, who will remain as chairman. The change is effective March 1, 2025.
The announcement was made as part of Ant Group’s 20th anniversary celebrations, which also featured a rare public appearance by founder Jack Ma. In a speech, Ma reflected on the opportunities brought by the internet, stating that his generation was fortunate to seize those opportunities. He also looked to the future, predicting that the artificial-intelligence era over the next 20 years would “exceed everyone’s imagination.”
The change in leadership comes as Ant Group is overhauling its business to comply with Chinese regulations following a crackdown on the tech sector by the government. Ant Group’s public listing, which would have been a record-breaker, was cancelled abruptly at the end of 2020. Alibaba, the Chinese e-commerce company co-founded by Ma, also faced scrutiny from regulators.
Despite the challenges, regulators have recently softened their stance, with the Chinese economy under ongoing pressure. The appointment of Han as CEO is seen as a key step in Ant Group’s efforts to reignite growth and adapt to the changing regulatory landscape.
