Ant Group has named Cyril Han as its new Chief Executive Officer, signaling a leadership shift as the financial technology giant aims to rejuvenate its growth following years of regulatory challenges. The company announced on Sunday that Han, currently serving as president and chief financial officer, will officially assume the CEO role on March 1, 2025. He will succeed Eric Jing, who will continue as chairman.
Han’s appointment was disclosed in an internal email obtained by CNBC. Reporting to Jing, Han is expected to steer Ant Group through an evolving tech landscape and regulatory environment. Ant Group operates Alipay, one of the largest digital payment platforms in China, and is celebrating its twentieth anniversary this year.
The milestone event also saw a rare public appearance from Jack Ma, the billionaire founder of Alibaba and Ant Group, who delivered remarks underscoring the transformative potential of artificial intelligence. Ma noted that while his generation capitalized on the internet’s rise, the AI era over the next two decades would surpass all expectations, as reported by Chinese media.
This marks one of Ma’s limited public engagements since the Chinese government intensified its scrutiny of the tech sector. In 2020, Ant Group’s record-breaking initial public offering was abruptly halted by regulators, prompting the company to restructure its business in line with compliance requirements. Similarly, Alibaba faced regulatory crackdowns during this period, curbing growth across China’s major tech firms.
Recently, however, Chinese regulators have adopted a more lenient approach amid economic challenges, suggesting a shift in policy to revive the country’s struggling economy. Ant Group’s leadership changes and Ma’s optimistic tone on AI reflect the company’s efforts to navigate this evolving environment and regain momentum.
Featured image courtesy of Fortune
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