By:  City AM

March 12, 2021

Simon Hu has reportedly resigned as chief executive of Ant Group after just over a year in the role.

Hu resigned for personal reasons according to Bloomberg, and he will be replaced by Ant Group chairman Eric Jing with immediate effect. He joined Alibaba in 2005 before moving to Ant in 2018 as President and took over as chief executive in December 2019.

Ant Group, which made around $2.6bn in net profit last year, is an affiliate company of Jack Ma’s Alibaba Group and is the world’s most valuable unicorn, with a valuation of $150bn according to a 2018 funding round.

Hu’s resignation comes amid an overhaul of the business to appease Chinese regulators.