SHANGHAI (Reuters) – China’s indebted HNA Group has appointed its chairman’s son as president as part of business restructuring at the finance-to-aviation conglomerate, Chinese financial magazine Caixin reported on its website on Saturday.
Chen Xiaofeng, son of HNA Chairman Chen Feng, has been appointed president of the group, replacing Zhang Ling, according to Caixin.
HNA’s official website named Chen Xiaofeng as president, as well as a member of the board. Chen, a graduate of the University of Washington, is also chairman and CEO of HNA’s North American unit, according to the website.
Chen Feng has been HNA’s sole chairman after Wang Jian, the group’s co-chairman, died during a business trip in France in July, 2018.
Since last year, HNA has been ramping up sales of its assets to stave off an intensifying cash crunch as Beijing curbs overseas expansion by private firms. Through asset disposals, HNA is paring back an empire that once spread from Deutsche Bank (DE:) to Hilton Worldwide (N:).
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