Ant Financial shuffles management, names new CEO

October 8, 2016 2:04 AM EDT

Sign board of Ant Financial is seen at its office in Hangzhou, Zhejiang Province, China September 21, 2016. REUTERS/John Ruwitch/File Photo

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BEIJING (Reuters) - Ant Financial Services Group, the online and mobile financial services affiliate of Chinese e-commerce giant Chinese e-commerce giant Alibaba Group Holding Ltd, on Saturday shuffled top leadership positions, announcing the appointment of current president Eric Jing as its new chief executive officer.

Ant Financial, which runs Alipay, a payment platform, said in a press release on Saturday its current CEO and executive chairman Lucy Peng will remain executive chairman.

According to the company, Peng will focus on “guiding corporate strategy, overseeing talent development, and nurturing the company’s corporate culture,” while the new CEO Jing takes over responsibility for day-to-day management and leadership of Ant Financial.

The changes will become effective on Oct. 16, the company said.

Ant Financial’s Alipay payment platform dominates the online payments industry in China and is looking to expand its presence overseas as competition from Tencent's rival Wechat payment system heats up at home.

Ant Financial, valued at close to $60 billion, offers services like online payment, wealth management products and insurance. Its core Alipay online payment business was founded in 2004.

(Reporting By Norihiko Shirouzu in Beijing; Editing by Shri Navaratnam)

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