Jack Ma, Chairman of Alibaba Group, announced the new chairman for Ant Financial, the fintech arm of Alibaba, on Monday. Peng Lei, the current Chairman of Ant Financial, will step down from the position. Jing Xiandong, CEO of Ant Financial, will take on the new role.
Peng is one of the eighteen founding members of Alibaba Group. She had worked as the vice president of marketing & service department as well as chief human resources officer at Alibaba group before. In 2010, she took an additional role of CEO of Alipay. In 2013, she was assigned to establish Ant Financial and served as the Chairman & CEO of it.
Jing joined Alibaba Group in 2007. He had served as CFO of Alipay and was appointed as COO of Ant Financial in 2014. Jing worked as the president of Ant Financial in 2015 and took over the job of CEO of Ant Financial from Peng in 2016.
Ma said that Peng, as the new Chairman of Singapore-based e-commerce platform Lazada, will explore global markets following China’s One Bell One Road Initiative. Earlier, Alibaba Group put additional investment of USD 2 billion in its absolutely holding company Lazada on March 20th. According to Ma, Peng will continue her responsibility for the protection of women and children’s right in Alibaba Group.
One source said that the personnel change of Ant Financial may be a step for its IPO, as Jing has more than twenty years of finance management experience.
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