CHEN FENG, chairman of the financially troubled aviation conglomerate HNA Group, will step up after the sudden death of Wang Jian, 57, the company's chairman, who fell off a cliff in the south of France last week
CHEN FENG, chairman of the financially troubled aviation conglomerate HNA Group, will step up after the sudden death of Wang Jian, 57, the company's chairman, who fell off a cliff in the south of France last week. Mr Chen will now take on the 'liquidity challenges' at one of China's most indebted companies, Bloomberg News reported.
Adam Tan will continue to serve as chief executive officer, and the group is committed to the 'orderly continuity of the company's strategy and operations,' said the HNA statement.
The chairman will face the challenge of normalising a group that's trembling under more than $90 billion in debt. HNA has sold more than $16 billion in assets this year in the face of soaring borrowing costs after spending tens of billions of dollars snapping up trophy properties and stakes worldwide.
In regards to the disposal of Wang's 15 per cent stake in the group, HNA said the matter will be addressed in a manner that's consistent with his pledge to donate them to charity in due course.
HNA said last year its top executives pledged that in the event they resign or die, that they would donate all their shares to the Cihang charities that HNA set up.
