Chinese conglomerate HNA Group promoted a top executive after the company’s chairman and co-founder died last month.
Adam Tan, HNA’s vice chairman, was named chairman of the company’s international operations, the Wall Street Journal reported. Wang Jian, who died after an accident in France, previously held the role.
Tan became one of the company’s main faces amid the global expansion, as he and Wang were responsible for executing HNA’s global strategy. Tan sought to woo lenders and business partners to continue their relationships with the company — as HNA dealt with scrutiny about its funding and ownership structure, the Journal reported.
There have been other management changes, too. Guang Yang, who ran North America operations, left to work on a new business venture. And Dennis Chen was named HNA’s chief investment officer and executive chairman of its international operations.
The moves come as HNA has sought to shed assets in order to deal with its mountain of debt. Among its real estate holdings, it previously sold its office tower at 1180 Sixth Avenue for $305 million and is selling a controlling stake in 245 Park Avenue, which it bought for $2.2 billion, to SL Green Realty. [WSJ] — Meenal Vamburkar