Ant Group to Adjust its Management Team

Ant Group to Adjust Management Team
(Source: Reuters)

Ant Group, a Chinese Internet financial unicorn, released the latest information on an adjustment of its management team on Thursday.

The company focuses on financial services. It started with Alipay, formally established in October 2014. Its businesses include Alipay, Alipay Wallet, Yu’ebao, Zhaocaibao, and Zhejiang E-Commerce Bank.

In March this year, according to sources, international investors valued the company at more than US $200 billion based on its 2020 performance.

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In terms of management, Ant Group is undergoing a series of changes. In 2018, Hu Xiaoming, then former Alibaba Cloud president, became Ant Group’s CEO. Three months ago, he resigned from the position.

Li Chen joined Ant Group in 2016. Previously, he was the chief compliance officer of Goldman Sachs Gao Hua Securities Co., Ltd. and had more than 20 years of finance and risk management experience.

The other two new members appearing in the team are Vice Presidents Yin Ming and Zhao Wenbiao, who will be responsible for the Strategic Development Department of Ant Group and the Security Business Group, respectively.

Before joining Ant Group, Yin Ming served as the general manager of Jiangsu Branch of China Taiping Insurance, Shanghai Branch of China Life Property & Casualty Insurance, and then as assistant to the president and vice president of China Life Property & Casualty Insurance Co., Ltd. from 2009 to 2015.

Zhao Wenbiao previously served as vice president of American Express, responsible for supervising the credit and fraud risks of individuals and small and micro enterprises.

At present, Ant Group has a management team of 15 people.