China's Ant Group Chief Executive Officer Simon Hu has stepped down from his role and will be replaced by Executive Chairman Eric Jing, the financial technology giant said Friday.
"The Ant Group Board of Directors has accepted Mr. Simon Hu's resignation request, due to personal reasons," Ant said in a statement.
Hu's exit from the company comes as Ant is working on plans to shift to a financial holding company structure following intense regulatory pressure to subject them to rules and capital requirements similar to those for banks.
That pressure thwarted Ant's $37 billion IPO last year and has seen it formulate plans to shift to a financial holding company structure.
