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Co-founder Chen Feng will become the only president of Chinese group HNA following the death of the co-president. The management had decided that Chen should resume the duties of Wang Jian, said the largest shareholder of the heavily indebted German bank HNA.
Wang succumbed to his serious injuries after a fall in France on Tuesday. Wang was seen as driving the $ 50 billion frenzy, where HNA became a major shareholder in Deutsche Bank, raised billions of dollars in takeovers and got involved in well-known companies like Hilton and NH Hotel. Co-founder Chen, like Wang, is the head of the board of directors. While Chen represented HNA in public, according to insiders, Wang was busy with day-to-day business and strategy. Wang, like Chen, held 15% of HNA.
The majority of the group, which has repeatedly criticized its opaque ownership structure, has a foundation in New York at 52%. According to one document, the owners have committed to transfer their HNA shares to the Foundation in the event of death or departure.
The group, heavily indebted following acquisitions around the world, has written off several of its holdings in recent months to obtain liquid funds.
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