Lucy Peng Replaced as Chair of World’s Largest Fintech Concern

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The executive chair of Alibaba’s online payments and fintech arm has vacated her position according to an internal company announcement issued by Jack Ma.

Lucy Peng (彭蕾) has been removed from her position as executive chair of Ant Financial, according to an internal announcement issued to staff by Jack Ma, co-founder and executive chair of Ant’s parent company Alibaba Group.

45 year-old Chongqing native Peng previously served as the CEO of Alipay  – Ant Financial’s predecessor, from 2010 to 2013, and joined the ranks of China’s 21 self-made female billionaires in 2014.

According to Jack Ma’s announcement Ant Financial CEO Xian Dong (贤栋) will replace Peng in the role of executive chair, while also  retaining his current position.

“This is Ant’s most important leadership team replacement in its history,” said Ma. “Not only for continuation, but even more importantly for transformation.

“The waves at the rear drive the waves to the fore on the Yangtze…this is the biggest success for the personnel team.

“Eight years ago Ant Financial was still called Alipay: today eight years later, Ant Financial upholds the hopes of global consumers with Alipay, which has already become one of the four new great inventions of China, as well as other forms of deeply memorable services.”

Peng’s replacement, Xian Dong, joined Alibaba in 2007, and previously held the position of CFO of Alipay.

He served as COO of Ant Financial following its founding 2014, and became president of the company in June 2015, before succeeding Lucy Peng as CEO in 2016.

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