(Yicai) Dec. 9 -- Cyril Han, Ant Group's president and chief financial officer, will become chief executive officer of the Chinese financial technology colossus when incumbent Eric Jing vacates the role on March 1. Jing will remain as chairman, he said.

“Across critical battle positions, a younger generation of leaders are stepping up to take on strategic responsibilities,” Jing said in an email to employees yesterday on the 20th anniversary of the Hangzhou-based company and its mobile payment platform Alipay.

“They know the future better, and they have greater strengths to create the future,” said Jing, under whose leadership Ant has expanded its footprints in blockchain tech, artificial intelligence, and globalization.

That future involves the transformative potential of AI, Ant co-founder Jack Ma said in a rare speech to mark the day. His generation seized the opportunities presented by the internet two decades ago, Ma said, adding that the changes AI will bring over the next 20 years will go beyond everyone's imagination.

"Under Han's remarkable leadership as the president, the Alipay team pushed forward a series of key innovation and transformation projects,” Jing said, noting Han’s “strategic acumen, utter dedication and professionalism.”

Han, 47, joined Ant as senior investment director in 2014 before being appointed CFO in 2020 and president this March. He worked at Alibaba Group Holding, which spun off Ant 12 years ago, for three years and helped the e-commerce titan go public in New York in 2014.

Ant is bouncing back from a years-long regulatory crackdown that ended last July and saw the company fined CNY7.1 billion (USD976.4 million) by Chinese regulators. Its net profit nearly tripled to CNY7.5 billion (USD1 billion) in the three months ended Sept. 30 from a year earlier, according to affiliate Alibaba's latest earnings report.

The 52-year-old Jing said he will focus on supporting Han and the management team as chairman. Jing has worked for Ant and Alibaba for more than 17 years. He succeeded Lucy Peng as CEO in 2016 and was appointed chairman in 2018.

Editors: Dou Shicong, Martin Kadiev