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Technology

Alibaba's Ant Financial promotes bank chief Simon Hu to CEO

Move is latest personnel reshuffle under Daniel Zhang

Simon Hu, shown here speaking as president of Alibaba Cloud in 2018, now heads the group's Ant Financial.   ? Reuters

SHANGHAI -- Alibaba Group Holding's Ant Financial has named a new CEO, Simon Hu, in the latest executive shift following the change in leadership at the Chinese e-commerce company.

Hu, coming off his role as head of Alibaba-affiliated online lender MYbank, replaces Eric Jing, who remains Ant's executive chairman. The move was announced this week.

Ant's new CEO will lead the core of Alibaba's financial segment, overseeing its widely used Alipay and Credit Sesame services. Hu, who joined Alibaba in 2005, previously managed its cloud computing segment.

Alibaba itself underwent a pivotal leadership change in September, when founder Jack Ma Yun stepped down as chairman.

Ma's successor, Chairman and CEO Daniel Zhang, has overseen a reshuffle of the group's executive ranks. In a move announced Thursday, Ant Chief Technology Officer Cheng Li is to become technology chief for the entire group.

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