Cyril Han is set to become the new CEO of Ant Group, replacing Eric Jing starting March 1, according to an internal memo confirmed by a spokesperson. Eric Jing will stay on as chairman. Han, who was named president in March during a major company restructuring, will still report to Jing. His main job involves overseeing Ant’s digital payment, connectivity, and finance services.
Ant Group is part of Alibaba, a huge online shopping company that owns 33% of it. They run the popular mobile payment app Alipay. In July 2023, Ant was fined $984 million for problems related to how they run the company.
Cyril Han joined Alipay in 2014 and has held various important roles, including chief financial officer and vice president of strategic investment. Recently, Ant reported a net profit of 7.59 billion yuan ($1.04 billion) for the first quarter of the year. Bloomberg was the first to share the news about Han’s new role.
($1 = 7.2700 Chinese yuan)
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