Ant Group, the Chinese tech company responsible for the development of the popular digital payment platform Alipay, announced on Saturday that the long-time head of the company Jack Ma will be ceding control of the company.

Jack Ma was able to obtain and maintain control of the company through various agreements despite having no executive role or being part of the board.  The company intends to terminate those agreements in which Jack Ma, along with nine others, will be given executive status.

Part of Ant’s move to remove Ma from power coincides with the company’s intentions to undergo a complete overhaul.  Unfortunately, this will result in Ant Group’s IPO likely being delayed for another year.

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‍Source: Wall Street Journal