Jack Ma, founder of Alibaba Group, speaks during the 2020 China Green Business Summit on September 29, 2020 in Haikou, Hainan Province, China.
Liu Yang | China Optical Group | Getty Images
Cyril Han, president and chief financial officer of Ant Group, will take over as CEO starting next year, the fintech giant announced on Sunday, as it looks to revive growth following Beijing's crackdown on the technology sector.
Hahn will take over from Eric Jing, who will remain chairman of the board, according to an email seen by CNBC announcing the changes. Han will report to Jing and the changes will take effect on March 1, 2025.
Ant Group, which runs the massive payments app Alipay, is one of China's largest technology companies. The management changes were announced as part of the company's 20th anniversary celebrations which also included a speech from Alibaba and Ant Group founder Jack Ma.
Ma said his generation was fortunate to seize the opportunities provided by the Internet. However, Ma said, according to a transcript published by Chinese media, that the era of artificial intelligence over the next 20 years will “beyond everyone's imagination.”
It is a rare public appearance from what influenced the Chinese government Regulatory tightening From the local technology sector. Ant Group's public listing, which would have broken records, It was suddenly canceled by the Chinese authorities at the end of 2020. Since then, Ant Reform its business to be compliant with regulators.
Alibaba, the Chinese e-commerce company he co-founded, was also the company A subject of scrutiny in Beijing.
The crackdown has hurt the growth of many of China's largest technology companies, but regulators have recently softened their stance The Chinese economy remains under pressure.
