Ant Financial’s Lucy Peng steps down to focus on Southeast AsiaOctober 9, 2018
Ant Financial executive chairman Lucy Peng is stepping down from her position to focus on Alibaba Group’s e-commerce efforts in Southeast Asia.
Eric Jing, chief executive of the Alibaba affiliate, will take on the additional role of Ant Financial’s executive chairman effective immediately, according to a statement issued on Monday.
The change comes soon after Peng took the helm as chief executive of Singapore-based e-commerce firm Lazada last month, at the same time that Alibaba poured an additional US$2 billion into the company as it looks to dominate the burgeoning online market in the region.
Hangzhou-based Alibaba previously invested US$2 billion for an 83 per cent share in Lazada, which operates e-commerce platforms in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
Alibaba’s current stake following the latest investment was not revealed.
Apart from Lazada, Alibaba has also invested in Indonesia’s Tokopedia, while JD.com poured money into Vietnam’s Tiki and formed a US$500 million e-commerce venture with Thailand’s Central Group.
“Ant Financial has done an incredible job of cultivating talent.
Just as each wave in the Yangtze River pushes the one in front forward, the older generation can go confidently forward only when the new one surpasses them,” Ma said.
Peng held the position of Ant Financial’s executive chairman from 2016 to 2018, and had previously served as its chief executive from 2014 to 2016.
Alibaba owns the South China Morning Post .
As a Rocket Internet venture, Lazada followed a pre-defined playbook, tried and tested across the German incubator’s couple dozen other startups around the world. The strategy generally involves recruiting Western-educated ex-banker or consultants to follow a three step formula: identify (a proven biz model), build (IT, SEO, BI, CRM), and rapid scale (massive fundraising and hiring). Newly formed management teams are ti…