Simon HU Xiaoming, CEO of Ant Group is to resign as CEO to work full-time on Ant’s charity projects. Chairman Eric JING Xiaodong will take Hu’s place at the helm.

Hu joined Alibaba in 2005 and became CEO of Ant Group in December 2019. Alipay has been through a series of business integrations since Hu took the position. 

After the IPO plan faltered in November last year, Ant Group has been laying low. The company only recently revealed its charity projects, including one related to China’s pledge to be carbon neutral by 2060. Hu will be in charge of these projects.