Alibaba Group Holding Ltd. affiliate Ant Financial Services Group appointed Simon Hu CEO, replacing Eric Jing in the role, Reuters reported Dec. 19, citing a statement from the financial technology company.

Hu will report to Jing, who will remain executive chairman of Ant Financial. Hu joined Alibaba Group in 2005 and has been president of Ant Financial since November 2018.

Meanwhile, Cheng Li, chief technology officer of Ant Financial, will assume the same role at Alibaba, the outlet reported, citing an internal company letter. Li will replace Jeff Zhang in the new role at Alibaba. Further, Jiang Fan, president of Alibaba's Taobao and Tmall e-commerce sites, will take responsibilities for the company's Alimama advertising unit.