Ant Group, the financial affiliate of Alibaba Group, has announced that Cyril Han will take over as Chief Executive Officer (CEO) on March 1, 2024, according to an internal memo confirmed by a company spokesperson. Han replaces Eric Jing, who will remain as Chairman and oversee the company’s strategic direction.
Background on Cyril Han
- Current Role: President of Ant Group, a position he has held since March 2023.
- Key Responsibilities: Overseeing Ant’s digital payments, digital connectivity, and digital finance divisions.
- Previous Experience:
- Joined Alipay in 2014.
- Served in multiple roles, including Vice President of Strategic Investment, Chief Financial Officer, and President.
Context of the Transition
- The leadership change follows Ant Group’s $984 million fine in July 2023 for violations related to corporate governance and other regulatory concerns.
- The company has been undergoing significant restructuring since its halted IPO in 2020, when its valuation was over $300 billion.
Ant Group’s Significance
- Ownership: Alibaba Group owns a 33% stake in Ant Group.
- Flagship Product: Operates Alipay, one of China’s largest mobile payment platforms.
This leadership shift signals a continued focus on navigating regulatory reforms and strengthening Ant’s core financial technology services.
