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Alibaba Group Holding Ltd. has removed all executives of its financial affiliate Ant Group Co. from its partnership, in an attempt to distance themselves from each other amid regulatory scrutiny from Beijing.
Ant Group is an affiliate of Alibaba in which the e-commerce giant owns 33%. Ant Group runs the Alipay mobile payments wallet in China.
Seven executives including CEO and Chairman Eric Jing and Chief Technology Officer Xingjun Ni were no longer part of the Alibaba Partnership as of March 31, according to the e-commerce giant’s annual report published Tuesday.
Two executives, Simon Hu and Shuai Wang have retired and are no longer part of the partnership.
Ant has also revamped its board in recent months, increasing the number of independent directors to 4, or 50% of its board. It reduced the number of non-executive directors from Alibaba to two from three.
Source - Alibaba Group Holdings
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