Oct 09, 2016 01:11 PM

CHINA

Alibaba's Ant Financial Appoints New CEO

By Wang Huiqiong and Han Wei

(Beijing) — Ant Financial Service Group, the financial arm of e-commerce giant Alibaba, has appointed a veteran fundraiser to the top job ahead of Ant Financial's plans to go public in 2017.

In an e-mail to employees on Saturday, Alibaba Group Holding Ltd. Chairman Jack Ma said Ant Financial President Eric Jing will replace Peng Lei as the company's CEO. Peng — an Alibaba co-founder who has headed Ant Financial since its inception in 2014 — will retain her role as chairman.

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