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Ant Group CEO, Simon Hu unexpectedly resigned, citing personal reasons. According to , he will also be stepping down from his role as executive director on the company’s board. Eric Jing, Ant’s chairman, will take on the additional responsibility of CEO, effective immediately.

According to an internal , Hu will be focusing his efforts on philanthropic work at Ant and its affiliates.

“We have decided to respect Simon’s personal request and support him fully in his new mission.” Jing.

Hu’s resignation comes at a turbulent time for the Chinese technology giant, as it grapples with regulatory pressure from the Chinese government. In late 2020, Ant Group’s affiliate, Alibaba, was forced to call off it’s IPO, forcing it to shift to a financial holding company structure.

The 51-year old first joined Alibaba Group Holding in 2005, then moved from Alibaba to Ant in 2018 as president. The next year, he was promoted to CEO. Prior to joining Alibaba, Hu worked at China Construction Bank and Everbright Bank.

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