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China's HNA Group reshuffles top level executives

Reuters  |  BEIJING/HONG KONG 

By Matthew Miller and Kane Wu

BEIJING/(Reuters) - Group, the acquisitive Chinese aviation-to-financial services conglomerate, said on Tuesday it had reshuffled the leadership of its tourism unit, which includes its flagship Hainan Airlines.

Xin Di, chairman and chief executive officer of Tourism Group Co. and a board member of Group, no longer held those roles, an spokeswoman said.

Zhao Quan, CEO of International Construction Investment Management Group, an unit, will replace Xin as chairman of the tourism business and as a board director. Zhao holds other senior positions at the group.

"has adjusted some management positions" to meet "actual operations demands of internationalization, professionalization and vitality," the company said in a statement. The company characterised the move as "normal personnel adjustment".

Group, which has announced $50 billion in acquisitions in a little over two years, has been the subject of intensified scrutiny by regulators and banks since announcing a shareholder reshuffle in July.

Xin, also chairman of Rezidor Hotel Group AB, joined Hainan Airlines in 1992, before advancing to senior corporate positions.

Tourism, which the company says holds 430 billion yuan ($64.8 billion) in total assets, oversees HNA's airlines holdings, along with its travel agency, hotel and catering businesses.

The unit is responsible for 148 member companies and more than 210,000 employees, according to the group's website.

($1 = 6.6363 Chinese yuan renminbi)

(Reporting By Matthew Miller and Kane Wu; Editing by Tony Munroe and David Evans)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 14 2017. 17:51 IST
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