Ant Group revealed leadership changes, with president and CFO Cyril Han to take over the CEO role from Eric Jing, who will continue to serve as chair.

The changes come into effect on 1 March 2025 and were announced on the 20th anniversary of the company and its mobile payment platform Alipay yesterday (8 December).

Han joined the company in 2014 and was appointed president in March in a major restructuring, while Jing was named CEO in 2016 and chair two years later.

In a statement, Jing noted “a younger generation of leaders are stepping up to take on strategic responsibilities”, adding they know the future better and have “greater strengths to create the future”.

The financial unit of e-commerce giant Alibaba Group is recovering from a regulatory crackdown begun in late 2020.

In 2021, authorities ordered a restructure of Ant Group into a financial holding company to address government-mandated changes requiring it to cut links between Alipay and other financial units.

At the time, Alibaba pledged to strengthen its compliance systems after China’s competition regulator fined it CNY18.2 billion ($2.5 billion) for abusing its dominant market position in the online retail market.