Jack Ma's Ant Financial names new CEO to oversee IPO in 2017

Hong Kong

ANT Financial, the online financial services giant controlled by billionaire Jack Ma, has appointed a new chief executive to steer its next phase of growth and orchestrate an initial public offering (IPO) that is expected next year.

Mr Ma's choice to lead the Alibaba Group Holding Ltd affiliate is Eric Jing, a veteran of corporate finance with extensive experience working with multinational companies. He takes the helm from Lucy Peng, a mainstay on Forbes' lists of the world's most powerful women, who will retain the position of executive chair.